USD/CNH struggles to break 50-DMA at 7.12 – Société Générale
Source Fxstreet
USD/CNH faces downward pressure after failing to clear 7.12, with technical patterns pointing to a possible drop toward 7.05–7.01 if key support at 7.08 gives way, Société Générale's FX analysts note.
MACD confirms persistent bearish momentum
"USD/CNH has failed to establish beyond the 50-DMA near 7.12 in recent bounce attempt denoting prevalence of downward momentum. This is also highlighted by the daily MACD which remains anchored within negative territory."
"The pair has evolved within a pattern resembling a descending triangle and is drifting towards the lower limit at 7.08. Failure to defend this may lead to a deeper decline towards next projections at 7.05 and perhaps even towards 7.02/7.01."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitcoin Breaks Below $92,000 as Traders Debate Whether 4-Year Cycle Pattern Is Driving Sell-OffBitcoin (BTC-USD) extended its losses on Monday, slipping below the $92,000 mark and pushing its decline from October’s all-time high to more than 26%. The ongoing downturn has reignited a key debate among traders: Is this a short-term correction, or the start of a prolonged bear market driven by Bitcoin’s historical four-year cycle?
Bitcoin (BTC-USD) extended its losses on Monday, slipping below the $92,000 mark and pushing its decline from October’s all-time high to more than 26%. The ongoing downturn has reignited a key debate among traders: Is this a short-term correction, or the start of a prolonged bear market driven by Bitcoin’s historical four-year cycle?
U.S. Job Growth Surprises, Sparking Cautious Market Optimism on Rate CutsThe September nonfarm payrolls report revealed strong job growth but rising unemployment, leaving investors uncertain about December rate cuts. Bank of America forecasts limited scope for further Fed easing amidst labor market shifts.
The September nonfarm payrolls report revealed strong job growth but rising unemployment, leaving investors uncertain about December rate cuts. Bank of America forecasts limited scope for further Fed easing amidst labor market shifts.
Bitcoin has recorded its fourth straight week of declines, marking the longest sustained downturn since June 2024, though prices have begun to stabilize in recent sessions.
US Dollar's Decline Predicted in 2026: Morgan Stanley's Outlook on Currency VolatilityMorgan Stanley forecasts a 5% drop in the dollar by mid-2026, attributed to continued Fed rate cuts. A recovery may follow as growth improves and funding currency dynamics shift favorably toward the euro and Swiss franc.
Morgan Stanley forecasts a 5% drop in the dollar by mid-2026, attributed to continued Fed rate cuts. A recovery may follow as growth improves and funding currency dynamics shift favorably toward the euro and Swiss franc.
Nvidia Shares Slip as Google's AI Chips Gain Ground with Meta Deal TalksNvidia shares declined Tuesday following a report that Meta Platforms is in advanced talks to spend billions on Google's tensor processing units (TPUs), signaling the search giant's growing momentum in the competitive AI accelerator market.
Nvidia shares declined Tuesday following a report that Meta Platforms is in advanced talks to spend billions on Google's tensor processing units (TPUs), signaling the search giant's growing momentum in the competitive AI accelerator market.
Related Instrument
