FxWirePro: China's yuan falls to fresh 6-year low on U.S. dollar strength, PBOC sets yuan mid-point at 6.7885
USD/CNY is currently trading around 6.7926 marks. It made intraday high at 6.8010 and low at 6.7769 levels. Intraday bias remains bullish till the time pair holds key support at 6.7540 marks. On the top side, a sustained…
It made intraday high at 6.8010 and low at 6.7769 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7540 marks.
On the top side, a sustained close above 6.7850 marks will test key resistances at 6.8025 and 6.8158 marks respectively.
Alternatively, a daily close below 6.7540 will drag the parity down towards key supports at 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
PBOC sets Yuan mid-point at 6.7885/ dollar vs last close 6.7777.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.7850, stop loss at 6.7540 and target of 6.8025/6.8158.
