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FxWirePro: China's offshore yuan weakens past 6.92 per U.S. dollar, PBOC sets yuan mid-point at 6.8904

  • USD/CNY is currently trading around 6.8961 marks.
     
  • It made intraday high at 6.8968 and low at 6.8880 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.8550 marks.  
     
  • On the top side, a sustained close above 6.8920 marks will test key resistances at 6.9224, 6.9435 and 6.9637 marks respectively.
     
  • Alternatively, a daily close below 6.87 will drag the parity down towards key supports at 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
     
  • PBOC sets Yuan mid-point at 6.8904/ dollar vs last close 6.8920.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in USD/CNY around 6.89, stop loss at 6.87 and target of 6.9224.

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