FxWirePro: Chinese yuan appreciates in early hours of Asia, PBOC sets Yuan mid-point at 6.8740
USD/CNY is currently trading around 6.8822 marks. It made intraday high at 6.8864 and low at 6.8801 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.8889 mark. A sustained close above 6.…
It made intraday high at 6.8864 and low at 6.8801 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.8889 mark.
A sustained close above 6.8864 marks will test key resistances at 6.8922, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8864 will drag the parity down towards key supports at 6.8683, 6.8526, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8740/dollar vs last close 6.8873.
We prefer to take short position in USD/CNY around 6.8850, stop loss 6.8993 and target of 6.8526.
