FxWirePro: Chinese yuan opens gap up at 6.3524 per U.S. dollar, PBOC sets yuan mid-point at weakest level since Jan 25
USD/CNY is currently trading around 6.3572 marks. It made intraday high at 6.3588 and low at 6.3525 levels. Intraday bias remains bullish till the time pair holds key support at 6.3324 mark. A sustained close above 6.332…
It made intraday high at 6.3588 and low at 6.3525 levels.
Intraday bias remains bullish till the time pair holds key support at 6.3324 mark.
A sustained close above 6.3324 marks will test key resistances at 6.3625, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.3324 will drag the parity down towards key supports at 6.3210, 6.3000, 6.2892, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.3670 / dlr vs last close 6.3310.
China April Caixin manufacturing PMI final increase to 51.1 (forecast 50.9 ) vs previous 51.
We prefer to take long position on USD/CNY around 6.3520, stop loss 6.3210 and target of 6.4017.
