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USDCNH Upward Trajectory Extends Above 6.7950

CNH
  • Nothing new on the wires sparking the most recent extension, however, bullish momentum has been picking up for USDCNH following the break of the July and August highs around 6.7950. The pair is now trading up 1.14% at 6.8146.
  • In most recent trade the broad dollar index continues to be well supported on Monday, rising 0.85% and climbing. Given the additional fundamental developments regarding the PBOC’s latest action and the weaker domestic activity data overnight, price action for USDCNH encountering little resistance at this juncture. The additional dynamic of there being several local holidays could also be impacting liquidity across global markets.
  • The nearest point of focus on the topside will be the year’s highs at 6.8380, levels not seen since May.

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  • Nothing new on the wires sparking the most recent extension, however, bullish momentum has been picking up for USDCNH following the break of the July and August highs around 6.7950. The pair is now trading up 1.14% at 6.8146.
  • In most recent trade the broad dollar index continues to be well supported on Monday, rising 0.85% and climbing. Given the additional fundamental developments regarding the PBOC’s latest action and the weaker domestic activity data overnight, price action for USDCNH encountering little resistance at this juncture. The additional dynamic of there being several local holidays could also be impacting liquidity across global markets.
  • The nearest point of focus on the topside will be the year’s highs at 6.8380, levels not seen since May.