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.”
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