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Free AccessUSD/CNH Testing Above 100-day EMA
USD/CNH is breaking higher, the pair testing above 6.9100, before selling interest emerged (last around 6.9080). This is through 100-day EMA (around 6.9040), which has generally been a cap for the pair since mid March. High from around this time are near 6.9140. Also note the simple 100-day MA sits slightly higher at 6.9184.
- No obvious catalysts are evident for the move, other than spill over from broader USD gains seen against the majors.
- Note the CNY fixing was close to neutral, while yesterday we had a slightly firmer bias. This may have aided USD demand at the margins. Onshore USD/CNY spot is through 6.9000, but hasn't breached the 6.9100 level yet.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.