Chinese Yuan falls after the comments from Premier Li Keqiang
USD/CNY is currently trading around 6.5180. It made intraday high at 6.5183 and low at 6.5128 levels. Intraday bias remains bullish for the moment. China Premier Li Keqiang said on Wednesday that China's 2016 economic gr…
It made intraday high at 6.5183 and low at 6.5128 levels.
Intraday bias remains bullish for the moment.
China Premier Li Keqiang said on Wednesday that China's 2016 economic growth target of 6.5-7% would be impossible to miss, even as downward pressure from a slowing property market endures.
He added, financial sector should help the real economy and the development of small companies.
On the top side, key resistance falls at 6.5510/ 6.5710 levels.
Initial support level is seen at 6.4910 levels and daily close below will take the parity towards key support are at 6.4736 marks.
We prefer to long position in USD/CNY around 6.5150, stop loss 6.5045 and target 6.5361/ 6.5510 levels.
