#USDCNY @ 6.90095 to hold below 200-DMA at 6.9022 and a move into a narrow, lower-level range – Credit Suisse
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USD/CNY has strengthened sharply over the past few weeks to the 200-Day Moving Average (DMA), which analysts at Credit Suisse expect to act as the range top.
“The market has now reached key resistance at 6.9022, which is the 200-DMA. We look for a hold below here and a move into a narrow, lower-level range, however we note that a break would open up 6.9982/7.0000, where we would have even more confidence in a cap if reached.”
“Key support is seen at 6.6965/10, then 6.6394, which should act as the range bottom. If this level is broken though, this would trigger a further setback toward 6.5220, where the 78.6% retracement can be identified. This though is not our base case for now.”
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