Search ForexCrunch

USD/CNY maintains a small base above 7.0450, but has not yet managed to break above the 2019 high at 7.1847. The Credit Suisse analyst team expects the pair to test the 7.1847 again. 

See: USD/CNY to trade at 7.05 by the end of 2020 – Nordea

Key quotes

“USD/CNY has seen the anticipated upmove to test the pivotal 2019 high at 7.1778/1847, which has so far held to see a move back below the March 2020 uptrend.”

“Whilst above the 200-day average at 7.0450, the market maintains a base and we expect a renewed test of 7.1847 in due course.”