USD/CNY: Next key resistance seen at 6.9969/7.0000 – Credit Suisse

USD/CNY continues to surge higher. Analysts at Credit Suisse stay bullish for 6.9969/7.0000.

Near-term support seen at 6.8870/8717

“We have been bullish USD/CNY since mid-April when the market broke out of a bullish ‘wedge’ structure, which was reinforced recently following completion of a further ‘triangle’ bullish continuation pattern in August, with the market honing in our next objective at 6.9969/7.0000. 

“Although 7.0000 is an important psychological resistance, where we would expect another pause, the medium-term momentum picture remains very strong and we note that a break above 7.0000 would open up 7.1849 next.” 

“Near-term support is seen at the recent ‘continuation gap’ at 6.8870/8717.”