Cases for a sharply lower USD/CNY are now elusive

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Dollar cycle turn could help cement USD/CNY top at 7.25/30
Chinese policymakers appear to have little confidence in actions to stimulate the economy.

A big cycle turn in the USD could help underpin the USD/CNY topping out at 7.25/30, but it’s hard to see USD/CNY going significantly lower right now.

USD/CNY — 1-month target 7.30; 3-month target 7.25; 6-month target 7.10; 12-month target 6.80