Chinese Yuan (CNY/IRR) Hits All-Time High of 356,800

The Chinese Yuan (CNY/IRR) reached a new all-time high of 356,800 IRR on September 12, surpassing its previous record. This marks a significant milestone for the currency pair in the Iran free market, establishing a new peak in its valuation.

Event Details

On September 12, the Chinese Yuan traded as high as 356,800 IRR, establishing a new all-time peak. This exceeded the prior record of 355,300 IRR by 1,500 IRR. The session opened at 354,700 IRR and saw an intraday range of 1.42%, moving between a low of 351,800 IRR and the record high before closing at 352,100 IRR.

Technical Context

The new all-time high occurred with the 14-period Relative Strength Index (RSI) at 82.12, indicating the asset was in overbought territory. The Average Directional Index (ADX) stood at 58.22, signaling a strong underlying trend. Price remained above its 20-day, 50-day, and 200-day Simple Moving Averages, consistent with a bullish trend. The Donchian Upper band also aligned with the new high at 356,800 IRR.

Historical Context

This new record follows a period of sustained upward movement, with the Chinese Yuan having set its previous all-time high of 355,300 IRR just two days prior on September 10. Over the past month, the currency has seen a notable increase, rising from a close of 280,100 IRR on August 6 to its current levels, demonstrating a rapid ascent in recent sessions.

Conclusion

The establishment of a new all-time high for the Chinese Yuan against the Iranian Rial underscores a significant upward shift in its valuation. The session's peak, while followed by a close below the open, resets the extreme for the currency pair, extending a recent pattern of higher highs.

Live rates

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