Hi, CNY hits seven-months high as it retains its two consecutive days' win against USD. The CNY/USD rose to CNY6.6874 per USD1, recording the highest since 17 July.
The last two days projected a bullish engulfing as seen on the big candlestick during the last four-hour timeframe. Before the big drop from CNY6.7321 to lowest wick at 6.6887.
EMA50 was seen moving above the EMA20, showing a constructive bear trend. However, this could be reversed and show a strong rebound on the Yuan through China's proposal on USD30 billion for US agribusiness purchases.