Offshore yuan rises to the highest levels of the year

USD/CNH breaks the Jan/Feb highs

USD/CNH breaks the Jan/Feb highs

The US dollar is making moves higher against emerging market currencies and the yuan is no exception.

It’s broken above the Jan/Feb highs and up to the best levels since the turn of the year.

Notice the little inverted head-and-shoulders bottom there. It targets around 6.60 but it argues for more USD/EM strength elsewhere.

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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