FxWirePro: China's yuan falls to 6.8592 per U.S. dollar, lowest level in nearly 8 years
USD/CNY is currently trading around 6.8491 marks. It made intraday high at 6.8592 and low at 6.8425 levels. Intraday bias remains bullish till the time pair holds key support at 6.8090 marks. On the top side, a sustained…
It made intraday high at 6.8592 and low at 6.8425 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8090 marks.
On the top side, a sustained close above 6.8500 marks will test key resistances at 6.8586, 6.8728 and 6.89 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 6.8495/ dollar vs last close 6.8452.
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 6.8490, stop loss at 6.8090 and target of 6.8728.
