FxWirePro: Chinese yuan falls gradually against U.S. dollar, PBOC sets yuan mid-point at 6.9377
USD/CNY is currently trading around 6.9553 marks. It made intraday high at 6.9554 and low at 6.9396 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.9476 marks will test key resist…
It made intraday high at 6.9554 and low at 6.9396 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.9476 marks will test key resistances at 6.9620, 6.9768 and 6.9850 marks respectively.
Alternatively, a daily close below 6.9210 will drag the parity down towards key supports at 6.8898, 6.8670, 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 6.9377 / dlr vs last close 6.9448.
We prefer to take long position on USD/CNY around 6.9500, stop loss 6.9210 and target of 6.9850.
