FxWirePro: China’s yuan hits record low against U.S. dollar, PBOC sets yuan mid-point at 6.9085
USD/CNY is currently trading around 6.9193 marks. It made intraday high at 6.9330 and low at 6.9048 levels. Intraday bias remains bullish till the time pair holds key support at 6.87 marks. On the top side, a sustained c…
It made intraday high at 6.9330 and low at 6.9048 levels.
Intraday bias remains bullish till the time pair holds key support at 6.87 marks.
On the top side, a sustained close above 6.9050 marks will test key resistances at 6.9435, 6.9637 and 6.9883 marks respectively.
Alternatively, a daily close below 6.90 will drag the parity down towards key supports at 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets Yuan mid-point at 6.9085/ dollar vs last close 6.9190.
Yuan midpoint is weakest since June 2008.
China's offshore yuan falls past 6.9600 per dollar.
We prefer to take long position in USD/CNY around 6.9120, stop loss at 6.8890 and target of 6.9637.
