- Analytics
- News and Tools
- Market News
- EUR/CNY: Next targets on the upside align at 7.77 and at 7.85 – SocGen
EUR/CNY: Next targets on the upside align at 7.77 and at 7.85 – SocGen
Economists at Société Générale analyze EUR/CNY technical outlook.
7.65/7.64 should now be an important support near term
The PBoC earlier today cut the 7d reverse repo rate by 10 bps to 1.9%, a move that cements a similar 10bp cut in the 1y MLF rate (this Thursday?) and the loan prime rates (next Tuesday?). The policy easing keeps USD/CNY on track for 7.20 and EUR/CNY for 7.80.
EUR/CNY uptrend has resumed after breakout above the upper limit of the rectangle within which it evolved since April.
Daily MACD is anchored within positive territory denoting persistence in upward momentum.
Next potential objectives are located at 7.77 and a multi-month ascending channel at 7.85.
The upper end of previous consolidation near 7.65/7.64 should now be an important support near term.
© 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
