USD/CNY: Bulls to retest the trend line at 7.2610 – Societe Generale
Source Fxstreet
USD/CNY experienced a sharp down after falling from 7.2760. It briefly dipped below the 200-DMA (7.2200). It’s trading upwards now, but it would be interesting to see if the pair can re-establish above the trend line at 7.2610, Societe Generale FX strategists note.
An upward break above 7.2610 is possible
“USD/CNY has experienced a sharp down move after facing stiff resistance near 7.2760 earlier this month. It breached an ascending trend line drawn since January and briefly dipped below the 200-DMA (7.2200).”
“An initial bounce is taking shape, but it would be interesting to see if the pair can re-establish above the trend line at 7.2610. This crossover can lead to resumption in up move. The MA near 7.2200 is short-term support.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As of the Asian session on July 9, after WTI ( USOIL) crude oil prices rebounded sharply for two consecutive trading days, oil prices hovered and adjusted around $73.30 today. From the te
The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty.
Gold (XAU/USD) trades around $4,050 on Wednesday, down 1.40% on the day at the time of writing, as investors favor the US Dollar (USD) following a fresh deterioration in tensions between the United States (US) and Iran.
As of the Asian session on July 8, WTI ( USOIL) crude oil prices rose to around $72, rebounding significantly from previous trading sessions. From a technical perspective, oil prices had
US President Trump stated at the NATO annual summit on July 8 that he believes the US-Iran memorandum of understanding is "over." This means the temporary ceasefire state between the two
