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USDCNH approaching $6.50 magic number!

The USD bottom building exercise is still in full flow and maybe drawing to a conclusion soon. Today we can see broad USD strength amongst EM currencies and Commodity currencies.

We are revisiting the 4hr chart of the USDCNH and after a brief escapade below the all important $6.5 level, the USDCNH is looking poised to retake above this level. IF it breaks confidently above $6.50 it will be breaking important technical resistance and will likely see the upside accelerate, which bodes ill for EM FX and Commodity currencies as the USDCNH is a measure of risk for both. Keep watching this one!

1. USDCNH – 4hr Chart: Make or Break for USDCNH bulls!