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

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.