Technical Analysis

Some chatter of PBOC efforts to defend the yuan

The People’s Bank of China set the reference rate lower than expected despite the USD strength on Thursday overnight.

State bank activity is the chatter, with under 7.28 being tipped as a downside area targeted for USD/CNY.

USD/CNH update:

I dunno. I posted the hourly USD/CNH chart a few minutes again and that, to me, looks set for a test higher.

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