USD/CNH is extending three-day losing streak
- The offshore yuan is pushing higher against the greenback, having posted gains in the last three trading days.
- The PBOC set the yuan reference rate at 6-month highs.
The USD/CNH pair is currently trading at 6.7425 - down 0.25 percent on the day.
The Chinese currency picked up a bid seemingly after the People's Bank of China (PBOC) set the daily reference rate at 6.7560 - the strongest fix since July 19, 2018.
Notably, the CNH posted gains for the third straight day on Friday and jumped more than 1 percent last week, triggering speculation that China may be allowing its currency to appreciate in order to clear the way for a trade deal.
Looking forward, the bid tone around the CNH will likely strengthen if the China trade data, due later today, shows a drop in the trade surplus with the US. Also, the Sino-US trade optimism and the dovish Fed expectations could keep the USD/CNH pair under pressure.
USD/CNH Technical Levels
Today Last Price: 6.7436
Today Daily change: -1.8e+2 pips
Today Daily change %: -0.260%
Today Daily Open: 6.7612
Previous Daily SMA20: 6.869
Previous Daily SMA50: 6.8984
Previous Daily SMA100: 6.8936
Previous Daily SMA200: 6.719
Previous Daily High: 6.7956
Previous Daily Low: 6.7376
Previous Weekly High: 6.8687
Previous Weekly Low: 6.7376
Previous Monthly High: 6.9509
Previous Monthly Low: 6.826
Previous Daily Fibonacci 38.2%: 6.7598
Previous Daily Fibonacci 61.8%: 6.7734
Previous Daily Pivot Point S1: 6.734
Previous Daily Pivot Point S2: 6.7069
Previous Daily Pivot Point S3: 6.6762
Previous Daily Pivot Point R1: 6.792
Previous Daily Pivot Point R2: 6.8227
Previous Daily Pivot Point R3: 6.8498