USD/CNY technical outlook
Wednesday, February 17, 2016 9:42 AM UTC
- Last week Yuan hit strongest level in 2016 at 6.4910 levels.
- Yuan erased its previous gain and supported around 6.5238 levels.
- It made intraday high at 6.5268 and low at 6.5130 levels.
- In addition, PBoC set the Yuan fix almost 0.2% weaker at 6.5237 on Wednesday compared with 6.5130 a day earlier.
- A daily close above 6.5352 levels will drag the parity around 6.6042/ 6.6755 marks thereafter.
- Alternatively, downfall from 6.6042 levels will take the parity around key support area at 6.3552 levels.
- Initial support levels are seen at 6.4732, 6.4553 and 6.3883 levels.
- On the other side, resistance levels are seen at 6.6042, 6.6338 and 6.6755 levels.