FxWirePro: Chinese yuan depreciates against U.S. dollar, PBOC sets yuan mid-point at 6.8994
USD/CNY is currently trading around 6.9175 marks. It made intraday high at 6.9179 and low at 6.9048 levels. Intraday bias remains bullish for the moment. A sustained close above 6.9181 marks will test key resistances at …
It made intraday high at 6.9179 and low at 6.9048 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.9181 marks will test key resistances at 6.9187, 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.9006 will drag the parity down towards key supports at 6.8975, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8994/ dlr vs last close 6.9068.
We prefer to take long position on USD/CNY around 6.9120, stop loss 6.8975 and target of 6.94/6.9548.
