USD/CNY: Watch for 7/7.005 for a potential top – Goldman Sachs

Dhwani Mehta FXStreet

Goldman Sachs is out with yet another take on the Chinese currency, having offered their expectation of a 7 for USD/CNY within six months earlier this week.

Key Highlights:

Watch for 7/7.005 for a potential top.

A turn from there, but bullish if USD/CNY breaks through 7.005.

If USD/CNY falls under 6.90 there is a greater risk of extended falls.

On the downside, support 6.90.

If 6.90 fails, opens drop to 6.7880 to 6.74.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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