USD/CNY: Bulls to retest the trend line at 7.2610 – Societe Generale
Jul 26, 2024 10:43 AM
USD/CNY experienced a sharp down after falling from 7.2760. It briefly dipped below the 200-DMA (7.2200). It’s trading upwards now, but it would be interesting to see if the pair can re-establish above the trend line at 7.2610, Societe Generale FX strategists note.
An upward break above 7.2610 is possible
“USD/CNY has experienced a sharp down move after facing stiff resistance near 7.2760 earlier this month. It breached an ascending trend line drawn since January and briefly dipped below the 200-DMA (7.2200).”
“An initial bounce is taking shape, but it would be interesting to see if the pair can re-establish above the trend line at 7.2610. This crossover can lead to resumption in up move. The MA near 7.2200 is short-term support.”
Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.
Tradingkey
Related Articles
ECB July Rate Decision Commentary: Euro Bulls Should Exercise Caution Amid Potential Mid-Term Reversal
TradingKey - On 24 July 2025, the European Central Bank (ECB) released its decision on policy interest rates, maintaining all three key rates as anticipated, with the deposit facility rate steady at 2%.TradingKey
23 hours ago
Why Meme Stocks Are Heating Up Again?
TradingKey - The meme stock craze is back—and this time, it's spilling over into a broader range of beaten-down, highly speculative names.TradingKey
Thu, Jul 24
Ethereum Price Prediction: Will ETH Extend the Rally? What’s the Future Trend?
Ethereum's impressive 2025 rally has been largely fueled by inflows from spot ETFs and a surge in institutional holdings, signaling growing confidence in its role as a core asset in the crypto market. However, to officially confirm the start of a new bull cycle, ETH must break above the critical $4,TradingKey
Wed, Jul 23
Japan June Inflation Commentary: Impact on the Yen Exchange Rate
TradingKey - On 18 July 2025, Japan published its June inflation data, showing the headline Consumer Price Index (CPI) rising 3.3% year-on-year, a 0.2 percentage point drop from May’s figure.TradingKey
Mon, Jul 21
What Is Stellar (XLM), and Why Did It Surge Over 110% in Just 7 Days?
Stellar isn’t just another altcoin — it’s a blueprint for a next-generation financial system. From remittances and stablecoin settlement to smart contracts and CBDC infrastructure, Stellar is redefining what “on-chain capital markets” can look like.TradingKey
Fri, Jul 18
Tradingkey
