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.
This article was originally published by Fxstreet.com. Read the original article here.