#USDCNY @ 7.05986 : Strong case for further upside, with next resistance seen at 7.0843 – Credit Suisse
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USD/CNY has broken out to new 2023 highs, suggesting further upside is likely, according to economists at Credit Suisse.
“USD/CNY has broken out above a series of important resistance levels starting at 6.9733 and stretching up to 6.9982/7.0082, with an associated pickup in short and medium-term momentum indicators.”
“With the USD turning stronger and the Chinese recovery from covid lockdowns underwhelming, we see a strong case for further upside, with next resistance seen at 7.0843, then the 78.6% retracement of the 2022/23 fall at 7.1982.”
“Key support at the 6.9639/9560 breakout zone ideally holds.”
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