FxWirePro: China's yuan weakens past 6.81 per U.S. dollar for the first time since July 2017, PBOC sets yuan mid-point at 6.7671
USD/CNY is currently trading around 6.7735 marks. It made intraday high at 6.8105 and low at 6.7659 levels. Intraday bias remains bullish till the time pair holds key support at 6.7160 mark. A sustained close above 6.770…
It made intraday high at 6.8105 and low at 6.7659 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7160 mark.
A sustained close above 6.7700 marks will test key resistances at 6.8105, 6.8324, 6.8548 and 6.8705 marks respectively.
Alternatively, a daily close below 6.7700 will drag the parity down towards key supports at 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 marks respectively.
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 6.7671 / dlr vs last close 6.7796.
China sets yuan midpoint at weakest since July 14, 2017.
We prefer to take long position on USD/CNY around 6.7650, stop loss 6.7160 and target of 6.8548.
