FxWirePro: Chinese yuan depreciates against USD, PBOC sets yuan mid-point at 6.6430
USD/CNY is currently trading around 6.6400 marks. It made intraday high at 6.6480 and low at 6.6324 levels. Intraday bias remains bullish till the time pair holds key support at 6.6223 marks. On the top side, a sustained…
It made intraday high at 6.6480 and low at 6.6324 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6223 marks.
On the top side, a sustained close above 6.65 mark will test key resistances at 6.6650, 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 6.6260, 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 6.6430/ dollar vs last close 6.6329.
We prefer to take long position in USD/CNY around 6.64, stop loss 6.6260 and target 6.6635.
