FxWirePro: Chinese yuan weakens in early Asia, hits lowest level since December 19, 2017
USD/CNY is currently trading around 6.5994 marks. It made intraday high at 6.6081 and low at 6.5758 levels. Intraday bias remains bullish till the time pair holds key support at 6.5340 marks. A sustained close above 6.57…
It made intraday high at 6.6081 and low at 6.5758 levels.
Intraday bias remains bullish till the time pair holds key support at 6.5340 marks.
A sustained close above 6.5768 marks will test key resistances at 6.6042, 6.6226, 6.6418 and 6.6510 marks respectively.
Alternatively, a daily close below 6.5768 will drag the parity down towards key supports at 6.5340, 6.5008, 6.4899, 6.4639, 6.4378, 6.4125 and 6.4017 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.5569 / dlr vs last close 6.5797.
China sets yuan mid-point at weakest level since December 25, 2017.
We prefer to take long position on USD/CNY around 6.5920, stop loss 6.5750 and target of 6.6226/6.6418.
