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 United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for August on Thursday at 12:30 GMT.
The European Central Bank (ECB) is widely expected to hold its key interest rates following the September monetary policy meeting.
The launch of new tokens following headline-making events is not new in the crypto market.
Gold (XAU/USD) is seen building on the previous day's goodish rebound from the $3,613-3,612 area and gaining some follow-through positive traction during the Asian session on Friday.
Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation.
