USD/CNH remains under pressure after repeatedly failing to rise above the 50-day moving average near 7.12, according to Société Générale’s FX analysts. The technical setup suggests further weakness could emerge if key support levels are broken.
MACD Signals Ongoing Bearish Momentum
Société Générale notes that the pair’s inability to sustain a move above 7.12 reflects persistent downward momentum—also confirmed by the daily MACD, which continues to sit firmly in negative territory.
USD/CNH has been trading within a structure resembling a descending triangle, and is now edging toward the lower boundary around 7.08. A clear break below this support could open the door to a deeper pullback, with downside projections at 7.05, and potentially 7.02–7.01.
