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USD/CNY technical outlook

  • 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.
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