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- USD/CNY to rebound above the 6.50 level amid China's tech crackdown – SocGen
USD/CNY to rebound above the 6.50 level amid China's tech crackdown – SocGen
FXStreet reports that economists at Société Générale discuss USD/CNY prospects.
“The high inverse correlation between USD/CNY and HK Tech index suggest that a return below 6,000 for the equity index would give USD/CNY a greater chance of settling above 6.50, barring PBoC intervention. USD/CNY crossed above the daily Ichimoku cloud recently and is now defending it. This denotes a short-term bounce is likely towards July high at 6.5300.” “Graphical levels of 6.4460 should cushion downside.”
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