Buy on a level breakthrough of 0.7170 with 0.7241 target. Stop loss = 0.7120.
Reason for the trading strategy
Today, the most significant change in the yuan exchange rate was recorded compared to the previous closing level since 2005. The yuan rose by 1.07% to 6.5056 yuan per dollar. The Chinese authorities have probably intervened to strengthen the national currency, which had a favorable effect on the commodity currencies. Thus, the weak foreign trade data on China for January were ignored by the market participants.