Bulls to retest the trend line at 7.2610 – Societe Generale – Crypto News – Crypto News
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Downside alleviated above 7.3150 – UOB Downside alleviated above 7.3150 – UOB

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Bulls to retest the trend line at 7.2610 – Societe Generale – Crypto News

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2 years ago

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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.”

 

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