#USDCNY @ 6.96747 : Medium-term momentum remains strong – Credit Suisse
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USD/CNY’s surge has paused. But the core uptrend remains in place, economists at Credit Suisse report.
“The market looks to be having a temporary pause, in line with the current correction in USD. Nonetheless, medium-term momentum remains strong and with the broader USD strength expected to resume, our bias is to eventually challenge 6.9957/7.0000, a sustained break above which would open the door to reach 7.1844 in the medium-term.”
“Near-term support remains at the recent ‘continuation gap’ at 6.8870/8717, which ideally holds any additional near-term weakness.”
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