News that China adjusted its currency's peg to the Dollar sent the Chinese Yuan Fund (CYB) surging back above 25. While the three week move may seem impressive, the ETF is really just making it back to its 52-week average. In fact, the ETF spent most of 2009 trading between 25.2 and 25.6. With today's move, it is right back in last year's range.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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