USD/CNH to edge higher towards 6.5300 and 6.5520 – SocGen

USD/CNH has broken above the 6.50 level. Economists at  Société Générale expect the pair to test 6.5300 and 6.5520 as their next objectives.

Consolidation above 6.4460 to extend the uptrend  

“Daily MACD is in positive territory and has crossed above its trigger which denotes upward momentum is regaining.”

“The USD/CNH pair is likely to head higher towards the peak of last month near 6.5300 and 6.5520.”

“Consolidation above the lower limit of the recent consolidation zone at 6.4460 will be crucial for further uptrend.”