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FxWirePro: USD/CNY back above 6.64 mark, PBOC sets yuan mid-point at 6.6451

  • USD/CNY is currently trading around 6.6432 marks.
     
  • It made intraday high at 6.6490 and low at 6.6403 levels.
     
  • Intraday bias remains bullish till the time pair holds immediate support at 6.6268 marks. 
     
  • On the top side, a sustained close above 6.6510 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
     
  • Alternatively, a daily close below 6.6268 will drag the parity down towards key supports at 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
     
  • PBOC sets Yuan mid-point at 6.6451/ dollar vs last close 6.6423.

We prefer to take long position in USD/CNY around 6.6410, stop loss 6.6268 and target 6.6558/6.6700.

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