FxWirePro: China's yuan hits weakest level against USD in more than one month, PBOC sets yuan mid-point at 6.6856
USD/CNY is currently trading around 6.6720 marks. It made intraday high at 6.6850 and low at 6.6670 levels. Intraday bias remains bullish till the time pair holds key support at 6.6510 marks. On the top side, a sustained…
It made intraday high at 6.6850 and low at 6.6670 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6510 marks.
On the top side, a sustained close above 6.6725 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6510 will drag the parity down towards key supports at 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 6.6856/ dollar vs last close 6.6690.
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 6.6680, stop loss 6.6510 and target 6.6876/6.7017.
