FxWirePro: China's yuan rises to 3-week high against USD dollar after stronger fixing
USD/CNY is currently trading around 6.6612 marks. It made intraday high at 6.6700 and low at 6.6525 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.6805 marks. On the top side, a sustai…
It made intraday high at 6.6700 and low at 6.6525 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.6805 marks.
On the top side, a sustained close above 6.6876 mark will tests key resistances at 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6525, 6.6448, 6.6340, 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 6.6597/ dollar vs last close 6.6700.
We prefer to take short position in USD/CNY around 6.6625, stop loss 6.6700 and target 6.6525/6.6448.
