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
On-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
On July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
Silver consolidates the previous two days' gains and remains pinned near $37.00.
The USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
On Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
