FxWirePro: Chinese yuan falls noticeably against U.S. dollar, PBOC sets yuan mid-point at 6.8599
USD/CNY is currently trading around 6.8850 marks. It made intraday high at 6.8851 and low at 6.8555 levels. Intraday bias remains bullish till the time pair holds key support at 6.8348 mark. A sustained close above 6.854…
It made intraday high at 6.8851 and low at 6.8555 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8348 mark.
A sustained close above 6.8545 marks will test key resistances at 6.8886, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8545 will drag the parity down towards key supports at 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8599 / dlr vs last close 6.8580.
We prefer to take long position on USD/CNY around 6.8750, stop loss at 8.8348 and target of 6.96.
