#USDCNH @ 7.21041 to extend its uptrend on a break above 7.26 – SocGen
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USD/CNH has staged a rebound from interim low of 7.01 formed earlier this month. The pair could extend its rally on a break past the September high near 7.26, economists at Société Générale report.
“The pair is now in vicinity to the peak of September near 7.26. A short-term pause is expected however signals of a deeper pullback are not yet visible. 7.01 should be an important support.”
“If the pair establishes itself beyond 7.26, the uptrend is likely to extend towards next projections of 7.33/7.37 and 7.49.”
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