FxWirePro: China's yuan falls to 6.7747 per dollar, lowest level in six years
USD/CNY is currently trading around 6.7727 marks. It made intraday high at 6.7747 and low at 6.7654 levels. Intraday bias remains bullish till the time pair holds key support at 6.7288 marks. On the top side, a sustained…
It made intraday high at 6.7747 and low at 6.7654 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7288 marks.
On the top side, a sustained close above 6.77 marks will test key resistances at 6.7831, 6.8025 and 6.8158 marks respectively.
Alternatively, a daily close below 6.7288 will drag the parity down towards key supports at 6.7180, 6.7055, 6.6820, 6.6605, 6.6560, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.7690/ dollar vs last close 6.7655.
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 6.7670, stop loss at 6.7288 and target of 6.7831/6.8158.
