USD/CNH: Break below 7.22 can lead to deeper downtrend – Societe Generale

FXStreet Insights Team FXStreet

USD/CNH has experienced a gradual decline after facing strong resistance at graphical level of 7.37 representing highs of 2022/2023, Societe Generale's FX analysts report.

Inability to overcome 7.37 denotes risk of a down move

"It has revisited the 200-DMA near 7.22 which is an interim support. A brief bounce is taking shape but inability to overcome 7.37 could denote risk of persistence in down move. Break below 7.22 can lead to deeper downtrend towards next projections of 7.19 and 7.16."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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