USD/CNY continues to surge higher. Analysts at Credit Suisse stay bullish for 6.9969/7.0000.
Near-term support seen at 6.8870/8717
We’ve been bullish USD/CNY since mid-April once the market broke out of a bullish wedge structure, that was reinforced recently following completion of an additional triangle bullish continuation pattern in August, with the marketplace honing inside our next objective at 6.9969/7.0000.
Although 7.0000 can be an important psychological resistance, where we’d expect another pause, the medium-term momentum picture remains quite strong and we remember that a rest above 7.0000 would start 7.1849 next.
Near-term support sometimes appears at the recent continuation gap at 6.8870/8717.
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