The USD/CNH attempt to break over 7.37 above the key confusion, lost traction, a couple of steeply after 7.43 punching. Now that the sliding average sliding average is traded, the currency is risking further if it cannot recover 7.32 in the short term, Société Généra FX analysts notes.
An obstacle at 7.43 stops upwards
“The USD/CNH tried to overcome 7.37 significant objections at the beginning of this month, but the upward impulse could not get back. The couple faced strong resistance at 7.43 and integrated quickly in the previous range.
“Last week, the highest obstacle is 7.32. Unlock to overcome it can lead to the persistence of downward movement towards the lowest direction of March 7.21/7.20 and 7.18.”
