USD/CNH: Race higher to persist on a move above 7.12 – SocGen

Market news

31 May 2023

USD/CNH: Race higher to persist on a move above 7.12 – SocGen

Economists at Société Générale analyze USD/CNH technical outlook.

Recent pivot low at 7.05 should provide support

“USD/CNH has extended its phase of rebound after breaking out from the range since February. It has achieved projections near 7.11/7.12. An initial pullback is expected however recent pivot low at 7.05 should provide support.”

“If the pair establishes above 7.12, the up move could persist towards next potential hurdles at 7.17 and 7.22, the 76.4% retracement from last year.”

See: China’s expanding trade surplus with the US should encourage a stronger CNY and weaker USD – MUFG

Currencies. Daily history for Wednesday, May 31, 2023

Commodities. Daily history for Tuesday, May 30, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.