Offshore Yuan hits fresh 7-month high against the US dollar


China’s yuan jumped to seven-month highs soon before press time, extending its two-day winning streak against the greenback. 

The offshore exchange rate, which is less controlled by Beijing, rose to 6.6874 per US dollar – the highest level since July 17 – invalidating the bullish RSI divergence seen in USD/CNH’s hourly chart earlier today. 

With the drop to 6.6874, the USD/CNH pair has retraced more than 38.2 percent of the rally from 6.2353 to 6.98. The next key support is lined up at 6.6805 (50-week MA). 

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