Forex: USD/CNH strengthens above 6.3100

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Forex: USD/CNH strengthens above 6.3100

FITITOL--> FXstreet.com (Barcelona) - The USD/CNH, or offshore USD/CNY, has been appreciating above the 6.3100 mark from 6.3085 on broad-based USD strength through the Asian session. Besides, a higher onshore USD/CNY fixing by the PBOC helped to limit any downside risk.

According to a senior trader at a local bank cited by Dow Jones, "the political uncertainty in Europe is also keeping the safe-haven U.S. dollar in demand, lending strong support to the pair. I expect the pair to rise more later on continued risk aversion", adding that the pair should be confined between 6.3080-6.3150 in the near term.