USD/CNH fails to sustain break above 7.37 – Société Générale
Source Fxstreet
USD/CNH's attempt to break above key resistance at 7.37 lost traction, with the pair retreating sharply after hitting 7.43. Now trading below its 50-day moving average, the currency risks further losses unless it can reclaim 7.32 in the short term, Société Générale's FX analysts note.
Resistance at 7.43 halts upward momentum
"USD/CNH attempted a break beyond crucial graphical hurdle of 7.37 earlier this month, however, the upward momentum failed to regain. The pair faced strong resistance at 7.43 and quickly re-integrated within previous range. It has now dipped below the 50-DMA."
"Last week high of 7.32 is short-term hurdle. Inability to overcome this can result in persistence of down move towards March low of 7.21/7.20 and 7.18."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The cryptocurrency market showed selective altcoin outperformance in 2025, with Bitcoin maintaining a high dominance, suggesting continued investor preference for BTC.
TradingKey 2025 Markets Recap & Outlook | Wall Street Bullish on 2026: S&P 500 Forecast at 8,000 with AI Gains and Cyclical Stocks SoaringAs 2025 draws to a close, the U.S. stock market has delivered a series of exciting and astonishing moments.In early April, following President Trump's sudden announcement of tariff polici
As 2025 draws to a close, the U.S. stock market has delivered a series of exciting and astonishing moments.In early April, following President Trump's sudden announcement of tariff polici
Silver price (XAG/USD) rallies further to near $72.70 during the early European trading session on Wednesday.
Gold (XAU/USD) rises and hits its record high around $4,505 during the Asian session on Wednesday. The precious metal gains momentum as the Israel-Iran conflict and the rising in US-Venezuela tensions boost the safe-haven demand.
Gold Prices Surge Over 70% in 2025, While Bitcoin Falls Over 5%. Is There Still a Chance for a Reversal?On Tuesday (December 23), gold prices surged again, breaking above the $4,400 mark,
