- Analytics
- News and Tools
- Market News
- USD/CNY at risk of breaking below key support at 7.0560, momentum top completed – Credit Suisse
USD/CNY at risk of breaking below key support at 7.0560, momentum top completed – Credit Suisse
FXStreet reports that USD/CNY is under pressure, according to strategists at Credit Suisse as the pair is trading slightly above the key support at 7.0560, and a break below this level would mark a downturn.
“USD/CNY is under pressure in the near-term and this leaves the market crucially poised above key support at 7.0560/0470 – the late April low, low from last week, 38.2% retracement of the rally from January and the 200-day average.”
“With daily RSI momentum already holding a top, the 7.0560 support is seen at risk and a closing break would see a price top established to warn of a more important turn lower, with next support then seen at 7.0298, ahead of 7.0091 and then the medium-term uptrend and 61.8% retracement at 6.9690.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
