Goldman Sachs is out with yet another take on the Chinese currency, having offered their expectation of a 7 for USD/CNY within six months earlier this week.
Key Highlights:
Watch for 7/7.005 for a potential top.
A turn from there, but bullish if USD/CNY breaks through 7.005.
If USD/CNY falls under 6.90 there is a greater risk of extended falls.
On the downside, support 6.90.
If 6.90 fails, opens drop to 6.7880 to 6.74.
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