USD/CNY clocks 11-month high of 6.8370

• USD/CNY opened at 6.8159 vs Friday's close of 6.8140.
• The PBOC announced a weaker fix earlier today.

The USD/CNY opened at 6.8159 and rose to an 11-month high of 6.8348 in early trade.

At press time, the currency pair is trading at 6.8355 - up 0430 percent on the day.

The People's Bank of China (PBOC) set the Yuan reference rate at  6.8131 vs Friday's fix of 6.7942, opening doors for another round of selling in the Chinese currency.

That said, the sustainability of gains is under question, courtesy of overbought conditions shown by the relative strength index.

USD/CNY Technical Levels

Resistance: 6.8369 (Friday's high), 6.8440 (June 27, 2017 high).

Support: 6.8154 (session low), 6.7978 (Friday's low).