China’s offshore yuan consolidates on Tuesday’s 0.24% gain. China’s Industrial Profits registered a double-digit rise in December. USD/CNH’s daily chart suggests scope for a continued rise in yuan. China’s offshore yuan (CNH) looks north on the back of upbeat economic data and a favorable technical setup. China’s Industrial Profits rose 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion) following November’s 15.55 gain, marking an eighth consecutive monthly rise in a row, according to data from the National Bureau of Statistics. Also, China’s benchmark overnight repo rate jumps to an over 21-month high in a CNH-positive manner. The positive fundamental factors gel well with the bullish CNH picture painted by USD/CNH’s bear flag breakdown confirmed on Tuesday. The pattern suggests a continuation of an eight-month downtrend and has exposed support of 6.4119 – the level observed on Jan. 5. The offshore yuan is currently trading largely unchanged on the day near 6.4718 per US dollar. The Chinese currency rose by 0.24% to 6.4707 on Tuesday. Daily chart Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China hopes US will stick with a ‘one-China’ principle – Reuters FX Street 1 year China's offshore yuan consolidates on Tuesday's 0.24% gain. China's Industrial Profits registered a double-digit rise in December. USD/CNH's daily chart suggests scope for a continued rise in yuan. China's offshore yuan (CNH) looks north on the back of upbeat economic data and a favorable technical setup. China's Industrial Profits rose 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion) following November's 15.55 gain, marking an eighth consecutive monthly rise in a row, according to data from the National Bureau of Statistics. Also, China's benchmark overnight repo rate jumps to an over 21-month high in a CNH-positive manner. The positive… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
