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.