USD/CNH has rebounded after defending the 200-DMA at 7.22. Daily MACD has entered positive territory highlighting regain of upward momentum, Société Générale's FX analysts note.
USD/CNH approaches crucial 7.37 barrier
"It is now approaching the upper limit of the range since 2022 at 7.37; this is a crucial resistance. If USD/CNH establishes beyond 7.37, a larger uptrend could take shape. Next projections could be located at 7.41 and 7.46/7.47. First support is at 7.3050, the 38.2% retracement from March."
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