FxWirePro: China's yuan breaks through 6.86 per U.S. dollar, PBOC sets yuan mid-point at 6.8592
USD/CNY is currently trading around 6.8681 marks. It made intraday high at 6.8695 and low at 6.85 levels. Intraday bias remains bullish till the time pair holds key support at 6.8090 marks. On the top side, a sustained c…
It made intraday high at 6.8695 and low at 6.85 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8090 marks.
On the top side, a sustained close above 6.8600 marks will test key resistances at 6.8728, 6.8814, 6.8924 and 6.8998 marks respectively.
Alternatively, a daily close below 6.8090 will drag the parity down towards key supports at 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
PBOC sets Yuan mid-point at 6.8592/ dollar vs last close 6.8565.
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 6.8610, stop loss at 6.8090 and target of 6.8924.
