FxWirePro: Chinese yuan strengthens in early Asia, PBOC sets yuan mid-point at 6.8718
USD/CNY is currently trading around 6.8554 marks. It made intraday high at 6.8774 and low at 6.8444 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8739 marks will test key resist…
It made intraday high at 6.8774 and low at 6.8444 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8739 marks will test key resistances at 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
Alternatively, a daily close below 6.8739 will drag the parity down towards key supports at 6.8457, 6.8300, 6.8198 and 6.8037 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.8718 / dlr vs last close 6.8865.
We prefer to take short position on USD/CNY around 6.8570, stop loss at 6.8800 and target of 6.8198.
