FxWirePro: Chinese yuan falls gradually against U.S. dollar, PBOC sets yuan mid-point at 6.8546
USD/CNY is currently trading around 6.8762 marks. It made intraday high at 6.8792 and low at 6.8703 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8705 marks will test key resistances at …
It made intraday high at 6.8792 and low at 6.8703 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8705 marks will test key resistances at 6.8810, 6.8938, 6.9050 and 6.9248 marks respectively.
Alternatively, a daily close below 6.8705 will drag the parity down towards key supports at 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8546 / dlr vs last close 6.8719.
We prefer to take long position on USD/CNY around 6.8735, stop loss at 6.8420 and target of 6.9050.
