USD/CNH fails to sustain break above 7.37 – Société Générale

FXStreetApr 29, 2025 9:26 AM

View all comments（0）



USD/CNH's attempt to break above key resistance at 7.37 lost traction, with the pair retreating sharply after hitting 7.43. Now trading below its 50-day moving average, the currency risks further losses unless it can reclaim 7.32 in the short term, Société Générale's FX analysts note.

Resistance at 7.43 halts upward momentum

"USD/CNH attempted a break beyond crucial graphical hurdle of 7.37 earlier this month, however, the upward momentum failed to regain. The pair faced strong resistance at 7.43 and quickly re-integrated within previous range. It has now dipped below the 50-DMA."

"Last week high of 7.32 is short-term hurdle. Inability to overcome this can result in persistence of down move towards March low of 7.21/7.20 and 7.18."

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Nasdaq Rebounds 1% After Yesterday's 5% Slump Led by Tech, SpaceX Shares Jump Over 8%

On Friday, November 6, Eastern Time, U.S. stocks diverged. Following a sharp drop in the previous session, chip stocks attracted dip-buyers, driving a rebound in the Nasdaq and the S&P 500, while the Dow remained under pressure. Meanwhile, stronger-than-expected employment data prompted markets to increase their bets on a Federal Reserve rate hike in December.

Anthropic Odds of Announcing IPO This Year Cut to 57% as Data Center Limit Concerns Lower Valuation Expectations to $1.2 Trillion

On November 6 ET, potential IPO buyers of Anthropic were discussing a valuation of $1.2 trillion to $1.3 trillion, lower than the $1.4 trillion to $1.5 trillion previously indicated to underwriting banks. Based on the midpoint of the ranges, valuation expectations have retreated by approximately 13.8%.

【US Pre-Market】Chip Stocks Rebound as Micron, AMD Rise Over 8% and SanDisk Jumps Over 12% Ahead of October Nonfarm Payrolls

TradingKey - On November 6, Eastern Time, futures tied to the three major U.S. stock indices were mixed. As of press time, Nasdaq 100 index futures were up about 1.49%, S&P 500 index futures rose approximately 0.22%, and Dow futures fell around 1.09%.

Berkshire Hathaway Q3 Earnings Preview: Insurance Profits and Cash Deployment in Focus as UBS Raises Class B Price Target to $628

TradingKey - Berkshire Hathaway (BRK.A, BRK.B) will release its third-quarter 2026 financial results on the morning of November 7, Eastern Time. As of the close on November 5, its Class B shares closed at $572.33.

Today’s Market Recap: Nasdaq Falls Over 5%, AI Stocks Plunge as Nvidia Drops Over 9%, Micron Falls Over 17%, SanDisk Drops Over 22%

TradingKey - In the Asian session on November 6, the three major U.S. stock indices tumbled across the board overnight, with selling intensifying across the AI data center supply chain and largely erasing the previous session's rebound. As market concerns mounted over AI infrastructure financing cos

Featured Tools