USD/CNY to enjoy further gains towards the 7.1844 mark – Credit Suisse

USD/CNY has reached the 7 level. Analysts at Credit Suisse see scope for a further advance to 7.1844.

Notable near-term support shifts to 6.9799/6.9690

“With the 55-day and 200-day averages in a solid uptrend and with our bullish USD view in mind, we see potential for further upside in the medium-term and thus we revise our objective higher once again to the highs of 2019/20 at 7.1844/7.1766, where we would look for a more solid ceiling to be found.”

“Notable near-term support shifts to 6.9799/6.9690, which ideally limits any potential near-term turn back lower.”