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…
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.
