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CNY/CNH forward points set to correct lower – ANZ

FXStreet (Barcelona) - FX Strategists at ANZ see the CNY/CNH pair close to peaking and set for a correction soon.

Key Quotes

“CNY/CNH FX forward points are approaching record highs even as the USD/CNY fixings have been moving lower.”

“However, the key drivers that have pushed forward points higher are set to turn over the next two months, in our view.”

“Hence, we believe forward points are close to peaking. Therefore, we recommend selling 1x12 USD/CNH forward spreads at 1,420 pips, targeting 1,100 with stop-loss at 1,530.”

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