FxWirePro: Chinese Yuan gains as PBOC set stronger Yuan reference rate against UD dollar
Pair is currently trading around 6.4670 marks. It made intraday high at 6.4785 and low at 6.4638 levels. Today PBOC set stronger Yuan reference rate against UD dollar than a day earlier. PBOC sets Yuan mid-point at 6.458…
It made intraday high at 6.4785 and low at 6.4638 levels.
Today PBOC set stronger Yuan reference rate against UD dollar than a day earlier.
PBOC sets Yuan mid-point at 6.4589 / dollar vs last close 6.4779, showing an appreciation around 0.6% on Thursday's fix of 6.4954, the biggest daily gain since July 2005.
Intraday bias remains bearish till the time pair holds key resistance at 6.4910 levels.
A daily close below 6.4700 will drag the parity down towards key supports at 6.4531 levels.
On the other side, a sustained close above 6.4910 will test key resistances at 6.5182, 6.5525 and 6.5708 levels respectively.
We prefer to take short position in USD/CNY around 6.4800, stop loss 6.4910 and target 6.4531 levels.
