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USD/CNY has established a near-term base suggesting further strength should unfold in due course, according to analysts at Credit Suisse.

Key quotes

“USD/CNY is grinding higher after completing a base, with the market coming to a temporary halt just ahead of the October 2019 high at 7.1522.” 

“Removal of the October 2019 high in due course would see resistance next at 2019 high at 7.1876, where we would expect to see fresh selling for a move back into the broad long-term range.”