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USD/CNH Trims Fridays Losses, 14D RSI Above 70

CNH

USD/CNH prints at 7.0450/90, the pair rose ~0.3% on Monday trimming some of Fridays losses.

  • USD/CNH ticked higher with US Treasury Yields on Monday, recent highs remain intact however we do comfortably hold above the 7 handle.
  • Technically the 14d RSI sits north of 70 sending the pair into overbought territory, which is the highest level for the measure since September last year.
  • Bulls target the high from 19 May at 7.0750, on the downside bears look to move below the 7 handle to target 20-Day EMA (6.9755).
  • In the equity space CSI300 was ~0.6% firmer yesterday and the Golden Dragon Index provided a positive lead for Tuesday's trade rising ~2%.
  • The data calendar is empty today.
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