Offshore yuan rises to the highest levels of the year

USD/CNH breaks the Jan/Feb highs

USD/CNH breaks the Jan/Feb highs
The US dollar is making moves higher against emerging market currencies and the yuan is no exception.
It’s broken above the Jan/Feb highs and up to the best levels since the turn of the year.
Notice the little inverted head-and-shoulders bottom there. It targets around 6.60 but it argues for more USD/EM strength elsewhere.