FxWirePro: China's Yuan trading at 6.8458 mark per U.S. dollar, strongest level since January 2017
USD/CNY is currently trading around 6.8590 marks. It made intraday high at 6.8671 and low at 6.8458 levels. Intraday bias remains Bearish for the moment. A sustained close above 6.87 marks will test key resistances at 6.…
It made intraday high at 6.8671 and low at 6.8458 levels.
Intraday bias remains Bearish for the moment.
A sustained close above 6.87 marks will test key resistances at 6.8942, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8688 will drag the parity down towards key supports at 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8698/ dlr vs last close 6.8705.
We prefer to take short position in USD/CNY around 6.8620, stop loss 6.8882 and target of 6.8458/6.8298.
