USD/CNH remains capped by the 50-day moving average at 7.12 and is currently testing the lower edge of its range near 7.08. According to Société Générale’s FX analysts, failure to break higher could open the door to declines toward 7.05 and the 7.02/7.01 levels.

The USD/CNH pair has consistently struggled to overcome the 50-DMA in recent rebound attempts, highlighting a lack of steady upward momentum. It is now positioned at the lower limit of its recent range around 7.08.

While a brief upward move cannot be ruled out, an inability to cross the moving average at 7.12 may lead to a continuation of the decline. Should the pair fall below 7.08, the next targets could be projected at 7.05 and between 7.02 and 7.01.
https://bitcoinethereumnews.com/finance/usd-cnh-stalls-below-50-dma-societe-generale/