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USD/CNH: Breaking out of rising wedge – OCBC

Source Fxstreet

USD/CNH fell amid supported risk sentiments. USD/CNH fell; last seen at 7.2853 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risks are skewed to the downside

"CSI300, HK equities printed 1% and 2%, respectively this morning. Trump said that that the phone call with President Xi on Fri was a very good one for both China and the US may have supported sentiments."

"Daily momentum is bearish bias while RSI fell. Risks are skewed to the downside. Next support at 7.2755 (23.6% fibo retracement of Sep low to Dec high). Resistance at 7.3340 (21 DMA), 7.36 levels."

"A brief respite for RMB is still likely, given that policymakers have taken efforts – both onshore (via the fix) and offshore to maintain the relative stability in RMB. That said, we still expect RMB to depreciate when tariffs ultimately hit."

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