FxWirePro: China's yuan falls to lowest since June 2008, PBOC sets yuan mid-point at 6.8796
USD/CNY is currently trading around 6.8960 marks. It made intraday high at 6.8970 and low at 6.87 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 6.8970 and low at 6.87 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8090 marks.
On the top side, a sustained close above 6.88 marks will test key resistances at 6.8998, 6.9235, 6.9485 and 6.9820 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 6.8796/ dollar vs last close 6.8720.
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 6.8870, stop loss at 6.85 and target of 6.9235.
