4 Global Market Updates- 10 October, 2022

 

In this article, we have covered the highlights of global market news about the USD/CNY, EUR/USD, USD/KRW and NZD/USD.

USD/CNY to fall more if it falls below 7.02 – SocGen

At 7.19, the USD/CNY currency pair came close to reaching its top for 2019. Since then, the pair has made a downward reversal, and the analysts at Société Générale believe that it can continue falling on a drop that occurs lower than 7.02.

“USD/CNY has encountered significant opposition close to the upper boundary of a multiyear channel at 7.26, which has resulted in the formation of a weekly shooting star. This is not a pattern of reversal but rather one that indicates momentary fatigue.

“An first downturn seems to be taking form; first support is located around 7.02, which is the 23.6% retracement from 23.6%. In the event that this breaks, there is the potential for a further downward move.”
“7.17/7.19 is immediate resistance zone.”

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