EUR/CNH to extend its bounce towards 7.44/7.46 on a break above 7.31 – SocGen
|EUR/CNH has rebounded from projections of 7.0800. Economists at Société Générale expect to see further gains on acceptance above the January peak at 7.3050/7.3100.
Graphical levels of 7.1500 should cushion
“The pair is now probing the interim hurdle of January peak at 7.3050/7.3100. An initial pullback is not ruled out however graphical levels of 7.1500 should cushion.”
“If the pair can cross above 7.3050/7.3100, the bounce could extend towards 7.3790, the 23.6% retracement from 2020 and the upper limit of the channel at 7.4400/7.4600. This could be a significant resistance zone.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.