Barclays trade idea for the week ahead: Buy USD/CNH

Consistent with our fundamental view, our technical strategists are also bullish USDCNH. A multi-month rising channel and the 50-dma near 6.2470 help to define the move higher. We buy dips against support in the 6.2350 area. A move above 6.3025, the recent range highs, would encourage our bullish view and signal further CNH depreciation against the USD towards initial targets in the 6.3150 area. Beyond there we are looking for a move towards greater targets near 3.6700.

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