CNH/INR: Chinese Yuan Set To Rebound Against The Rupee

The offshore Chinese Yuan (CNH) is showing signs of a potential comeback against the Indian Rupee (INR) as it emerges from the bottom and rises above the 20-period simple moving average (red line). Recently, it has formed higher lows, indicating increasing strength. Currently, it stands at a critical pivot point, and there are indications of a potential breakout to the upside. The chart below illustrates the upside targets following a robust bounce at the 61.8% retracement level. Keep a close eye on this pair as it seeks to regain lost ground against the Indian Rupee.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsForexMarketsChinese RMBChinese YuanFXIndian rupeeINRrenminbiRMB
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!