The aggressive move higher in USD/CNY is approaching key resistance from its 2022 high at 7.3274. Economists at Credit Suisse analyze the pair’s outlook.
Risk for further equity weakness
The aggressive uptrend in USD/CNY is now seen within touching distance of the key notable high of 2022 at 7.3274. Whilst we think this should be respected and we would be alert to a potential reversal lower from here, should strength directly extend, we would not see the next meaningful technical resistance until 7.47/7.50.
We would note that a higher USD/CNY (weaker CNY) is typically associated with a weaker equity market, reinforcing the existing top we now see in the Shanghai Composite.
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