FxWirePro: Chinese yuan rises noticeably against U.S. dollar, hits highest level since Dec 4
USD/CNY is currently trading around 6.8376 marks. It made intraday high at 6.8531 and low at 6.8344 levels. Intraday bias remains bearish for the moment. A sustained close above 6.8518 marks will test key resistances at …
It made intraday high at 6.8531 and low at 6.8344 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.8518 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8518 will drag the parity down towards key supports at 6.8317, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.8526 / dlr vs last close 6.8548.
We prefer to take short position on USD/CNY around 6.84, stop loss at 6.8530 and target of 6.8020.
