FxWirePro: Chinese yuan trades marginally higher, PBOC sets yuan mid-point at 6.6393
USD/CNY is currently trading around 6.6232 marks. It made intraday high at 6.6411 and low at 6.6228 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 6.6660 mark. A sustained close ab…
It made intraday high at 6.6411 and low at 6.6228 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 6.6660 mark.
A sustained close above 6.6395 marks will test key resistances at 6.6660, 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
Alternatively, a daily close below 6.6395 will drag the parity down towards key supports at 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6393 / dlr vs last close 6.6489.
We prefer to take short position on USD/CNY around 6.6270, stop loss 6.6412 and target of 6.5991.
