The USD/CNH has lost traction after not being able to stay above its 50 -day SMA and is now negotiated below the March key support, with the inability of the torque to recover 7.30 suggesting a higher downward risk towards 7.14 and 7.10, the Société currente divine analysts point out.
Resistance in 7.30 key to limit any rebound
“The USD/CNH faced a strong resistance about 7.43 last month and quickly gave the 50 -day SMA. It has now fallen below the minimum of March, indicating a recovery of the downward impulse.”
“The pair has formed an interim minimum about 7.18. A brief rebound cannot be ruled out, but the inability to overcome the maximum of 7.30 can result in the persistence of the downward trend. The next potential objectives could be located in projections of 7.14 and 7.10.”
Source: Fx Street
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