The USD / CNY maintains a small base above 7.0450, but has yet to surpass the 2019 peak at 7.1847. The Credit Suisse team of analysts expects the pair to test 7.1847 again.
See: USD / CNY at 7.05 by the end of 2020 – Nordea
“The USD / CNY saw the expected upward trend to test the highest peak of 2019 at 7.1778 / 1847, which so far has helped to go back below the upward trend of March 2020”
“Although above the 200-day average at 7.0450, the market maintains a base and we expect a renewed test of 7.1847 in due course.”