USD/CNY maintains its advance. A sustained break above 6.7434 is set to further solidify the uptrend, economists at Credit Suisse report.

USD/CNY to remain within its broad 7.20 to 6.20 range on a long-term 1-3 year perspective

“USD/CNY is attempting to break above the 200-week moving average as well as the 50% retracement of the 2019/22 downtrend at 6.7335/7434. With the moving averages and the weekly MACD momentum remaining clearly supportive, we expect this zone to be eventually broken, solidifying the current uptrend and seeing scope to reach the 61.8% retracement at 6.8475 next.”

“On a long-term 1-3 year perspective, we expect the USD/CNY to remain within its broad 7.20 to 6.20 range and oscillate around the completely flat 20-week average.”