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
Prioritize filling the $27,000 gap and even try higher.
Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.
After a turbulent 2025, what lies ahead for commodities, forex, and cryptocurrency markets in 2026?
Silver (XAG/USD) is trading lower in an otherwise calm market session on Thursday.
US President Donald Trump says Iran talks to begin Monday after canceling attackUS President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.
US President Donald Trump said that fresh round of Iran talks would begin Monday after he cancelled a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia, Bloomberg reported on Monday.
