Spot USD/CNY Slips Out of Uptrend Channel on Lower Fixing

        0228 GMT [Dow Jones] China's yuan rises slightly Friday after the People's Bank of China moved the daily USD/CNY benchmark rate lower to 6.1399 from Thursday's 6.1641. Spot USD/CNY has thus slipped out of the daily Bollinger uptrend channel that was propping the pair up at 6.1231 yesterday. The dip could however be temporary as USD/JPY--a key variable of the ICE U.S. dollar index which acts as a predictor for the PBOC's daily fixing rate--hits new 7-year highs. If the USD/CNY Bollinger uptrend channel is reinstated on a Friday close above 6.1230, the next target for the dollar could be the daily ichimoku Cloud resistance zone looming at 6.1401. Spot USD/CNY is now 6.1230 from its Thursday close of 6.1248. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        November 13, 2014 21:28 ET (02:28 GMT)

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