FxWirePro: PBOC's yuan mid-point of 6.6950 weakest in 6 years
USD/CNY is currently trading around 6.6858 marks. It made intraday high at 6.6918 and low at 6.6833 levels. Intraday bias remains bullish till the time pair holds key support at 6.6750 levels. On the top side, a sustaine…
It made intraday high at 6.6918 and low at 6.6833 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6750 levels.
On the top side, a sustained close above 6.6923 mark will tests key resistances at 6.6963, 6.7583 and 6.8158 marks respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6710, 6.6448, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.6950/ dollar vs last close 6.6933.
We prefer to take long position in ISD/CNY only above 6.6923, stop loss 6.6710 and target 6.7583 marks.
