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USD/CNH is flashing green as PBOC fixed CNY midpoint at weakest since Mar. 15

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发表于 2018-10-10 13:28:29 | 显示全部楼层 |阅读模式
The USD/CNH or offshore yuan exchange rate is reporting gains at press time, having bounced off the ascending 5-day exponential moving average (EMA) earlier today.
The People's Bank of China (PBOC) set the CNY reference rate at the weakest level since Mar. 15, 2017.
The CNY is forecast to pare losses over the coming year on hopes that trade tensions would subside.
Currently, the USD/CNH pair is trading at a session high of 6.9261, having bounced off from the ascending (bullish) 5-day EMA earlier today.

The pair seems to have picked up a bid in response to the weaker fix. The PBOC set the daily reference rate at 6.9072 - the weakest level since March 15, 2017 - and well above the Reuters' estimate of 6.9009.

Technically speaking, the pair is looking north, having scaled key resistance of 6.8927 (Sept. 18 high) last week. The short-term EMAs (5-day, 10-day) are trending north in favor of the bulls. Further, the 14-day relative strength index (RSI) cleared the descending trendline last week and has turned bullish.

While the short-term bias is bullish, the FX strategists are expecting the Chinese currency to pare some losses in the next 12 months on hopes that risks from an escalating U.S.-China trade war and a deep sell-off in emerging markets will subside, a Reuters poll found.

USD/CNH Technical Levels

Resistance: 6.9584 (Aug. 15 high), 7.00 (psychological hurdle)

Support: 6.8989 (10-day EMA), 6.8861 (200-hour EMA)


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