FxWirePro: USD/CNY back above 6.80 mark, PBOC sets yuan mid-point at 6.8070
USD/CNY is currently trading around 6.8162 marks. It made intraday high at 6.8209 and low at 6.8012 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.8028 marks will test key resist…
It made intraday high at 6.8209 and low at 6.8012 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.8028 marks will test key resistances at 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.8028 will drag the parity down towards key supports at 6.7839, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
PBOC sets yuan mid-point at 6.8070/ dlr vs last close 6.8062.
We prefer to take short position in USD/CNY around 6.8354, stop loss 6.8526 and target of 6.7520.
