High-level consolidation phase is over, core uptrend resumed – Credit Suisse

USD/CNY has ended its high-level consolidation phase for a resumption of its core uptrend, in the view of analysts at Credit Suisse.

USD/CNY to test the 7.3274 high of 2022

USD/CNY has been well supported by its rising 55-DMA and the break above 7.2680 suggests its high-level consolidation phase is over and core uptrend resumed.

We stay bullish and look for a test of the 7.3274 high of 2022 next, then a break above here for strength to our core target of resistance at 7.47/7.50.