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Once again your attention is drawn to the USD/CNH
Earlier updates here focused on the USD/JPY and the more than 200 pip rebound from the lows seen yesterday, at 153.72. Well, in none of those updates was there any mention of the USD/CNH- dollar versus the offshore Chinese Yuan. Well, there should have been and there is now and that is because the USD/CNH is pushing back above 7.28 this morning. It has reached a high so far at 7.2858. The Dollar closed in the US last night at 7.2522. So, what should have been pointed out earlier today is a repeat of what has been mentioned several times recently. If you want to trade the USD/JPY, then it pays to keep an eye on the USD/CNH too. Look, they are not in perfect lockstep, but the correlation between the two dollar pairs is not to be ignored. The USD/JPY is currently trading at 155.75 and the USD/CNH is right now at 7.2850
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