The yuan posted its biggest daily rise in more than four years

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Chart of the day: USDCNH 09.10.2020

09 October

The yuan posted its biggest daily rise in more than four years

The Chinese currency was the biggest beneficiary of the rising hopes of a Biden win. The yuan posted its biggest daily rise in more than four years, though the gains were partly catching up after a long break. The yuan was last up 0.5% at 6.7023 per dollar.

 

As prices grow further away from the 40EMA having tested it twice since August, the RSI shows an overbought yuan with the next support just below 6.67, a low from March 2019.

 

 

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