USD/CNH: Failure to hold 6.3300 can lead to next leg of downtrend – SocGen

USD/CNH is trading near 6.33, a double bottom. Failure at this point can lead to next leg of downtrend, according to economists at Société Générale.

6.3300 is a crucial support

“USD/CNH has formed a double bottom near 6.3300 however a break past the neckline at 6.4000 will be essential for affirming an extended up-move.”

“Failure to hold 6.3300 can lead to next leg of downtrend.”