The USD/CNH is still under pressure after giving its 50 -day SMA in May, with a persistent bearish impulse. The torque is testing a key support in 7.16, and a decisive rupture down could open the door to deeper losses around 7.13 and 7.10, the Société currency analysts indicate Générale.
The bearish trend phase can extend
“The USD/CNH resigned from the 50 -day SMA in May, which resulted in a constant decrease. The downward movement was tentatively stopped after marking a provisional minimum about 7.16. The torque is now challenging this support. If the USD/CNH is established below 7.16, the phase of bearish trend can extend.”
“The following objectives could be located at 7.13 and the ascending trend line drawn from 2023 in 7.10/7.09. Crossing above the MA in 7.20/7.21 is crucial to confirm a short -term upward movement.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
