FxWirePro: Chinese yuan trades flat against U.S. dollar, PBOC sets yuan mid-point at 6.7114
USD/CNY is currently trading around 6.7080 marks. It made intraday high at 6.7111 and low at 6.7040 levels. Intraday bias remains neutral for the moment. A sustained close above 6.7214 marks will test key resistances at …
It made intraday high at 6.7111 and low at 6.7040 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.7214 marks will test key resistances at 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7050 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 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 6.7114 / dlr vs last close 6.7098.
We prefer to take short position on USD/CNY only below 6.7030, stop loss at 6.7250 and target of 6.6849.
