FxWirePro: Chinese yuan depreciates in early Asia, PBOC sets yuan mid-point at 6.8664
USD/CNY is currently trading around 6.8835 marks. It made intraday high at 6.8835 and low at 6.8749 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.8739 marks. A sustained close a…
It made intraday high at 6.8835 and low at 6.8749 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.8739 marks.
A sustained close above 6.8777 marks will test key resistances at 6.8909, 6.8962, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8777 will drag the parity down towards key supports at 6.8739, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8664/dollar vs last close 6.8860.
We prefer to take long position in USD/CNY around 6.8820, stop loss at 6.8750 and target of 6.8909/6.8993.
