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FxWirePro: USD/CNY remains well supported above 6.80 mark, PBOC sets yuan mid-point at 6.8113

  • USD/CNY is currently trading around 6.8292 marks.
     
  • It made intraday high at 6.8387 and low at 6.8189 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.7980 marks.
     
  • A sustained close above 6.8212 marks will test key resistances at 6.8470, 6.8774 and 6.8938 marks respectively.
     
  • Alternatively, a daily close below 6.8212 will drag the parity down towards key supports at 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.8113 / dlr vs last close 6.8205.

We prefer to take long position on USD/CNY only above 6.8400, stop loss at 6.7980 and target of 6.8774.

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