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Why MNI
MNI is the leading provider
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.
EMERGING MARKETS
USDCNH has started the week on a firm note. Friday’s gains saw the pair pierce key resistance at 6.8380, the May 13 high. Today’s gains have confirmed a clear break of this resistance.
- The move higher confirms a resumption of the uptrend that started late February 2022.
- This suggests potential for an extension near term, and note that price has today pierced an important retracement level at 6.8563 - 61.8% of the 2020 - 2022 bear cycle.
- Moving average studies remain in a bull mode position highlighting the current market sentiment.
- The focus is on the 6.9000 handle next.
- In terms of support, the 20-day EMA at 6.7723 marks initial support.
- The key short-term trend support has been defined at 6.7164, the Aug 10 low.
Why MNI
MNI is the leading provider
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.
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