FxWirePro: Chinese yuan erases previous gain against USD; PBOC sets yuan mid-point at 6.6406
USD/CNY is currently trading around 6.6450 marks. It made intraday high at 6.6465 and low at 6.6378 levels. Intraday bias remains bullish till the time pair holds key support at 6.6205 mark. On the top side, a sustained …
It made intraday high at 6.6465 and low at 6.6378 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6205 mark.
On the top side, a sustained close above 6.6423 mark will test key resistances at 6.6510, 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6205 will drag the parity down towards key supports at 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 6.6406/ dollar vs last close 6.6426.
We prefer to take long position in USD/CNY around 6.6390, stop loss 6.62 and target 6.6876.
