USD/CNH is currently facing resistance at the 50-day moving average level of 7.12, which has limited upward movement in the currency pair. Presently, the exchange rate is testing the lower boundary of its trading range around 7.08. A failure to breach this resistance could signal potential declines toward key support levels at 7.05 and further down to 7.02/7.01, according to Société Générale's FX analysts.
As market participants monitor these technical levels, the outlook for USD/CNH remains cautious. Should the currency pair fail to initiate a rally above 7.12, bearish sentiment might gain traction, influencing trading strategies and positioning in the broader forex market. The evolving dynamics between the USD and CNH will likely hinge on upcoming economic data releases and geopolitical developments, which could further impact exchange rates.
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Data Source: FX Killer Analysis Team Updated: 2025-11-14 10:21
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.