FxWirePro: Chinese yaun continues to fall against USD, PBOC sets Yuan mid-point at 6.6594
USD/CNY is currently trading around 6.6609 marks. It made intraday high at 6.6635 and low at 6.6588 levels. Intraday bias remains bullish till the time pair holds key support at 6.6388 marks. On the top side, a sustained…
It made intraday high at 6.6635 and low at 6.6588 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6388 marks.
On the top side, a sustained close above 6.6650 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6388 will drag the parity down towards key supports at 6.6205, 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 6.6594/ dollar vs last close 6.6609.
We prefer to take long position in USD/CNY around 6.66, stop loss 6.6473 and target 6.6876.
