FxWirePro: Chinese yuan falls gradually against U.S. dollar, PBOC sets yuan mid-point at 6.7983
USD/CNY is currently trading around 6.8054 marks. It made intraday high at 6.8055 and low at 6.8015 levels. Intraday bias remains slightly bullish for the movement. A sustained close above 6.8035 marks will test key resi…
It made intraday high at 6.8055 and low at 6.8015 levels.
Intraday bias remains slightly bullish for the movement.
A sustained close above 6.8035 marks will test key resistances at 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.8035 will drag the parity down towards key supports at 6.7915, 6.7757, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
PBOC sets yuan mid-point at 6.7983/ dlr vs last close 6.8030.
We prefer to take long position in USD/CNY around 6.8010, stop loss at 6.7950 and target of 6.8352.
