USD/CNY has completed a fresh bearish continuation pattern for a break to new lows for the year. Economists at Credit Suisse expect the pair to extend its fall toward the 6.2843/6.2431 region.
USD/CNY unable to maintain the bearish continuation pattern above 6.4950
“USD/CNY has fallen sharply over the past week, finally following through on the recently highlighted bearish continuation pattern, which turned our bias lower.”
“The pair has now reached the next key support at 6.3871, which we expect to be broken to open up an eventual move back to the 78.6% retracement of the entire 2014/2019 surge and the 2018 low at 6.2843/6.2431, which we expect to prove a tough barrier.”
“Above 6.4950 would be too far to maintain the bearish continuation pattern.”
Share
