FxWirePro: USD/CNY back above 6.88 mark, PBOC sets yuan mid point at 6.8898
USD/CNY is currently trading around 6.8830 marks. It made intraday high at 6.8883 and low at 6.8774 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8774 marks will test key resistances at …
It made intraday high at 6.8883 and low at 6.8774 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8774 marks will test key resistances at 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8774 will drag the parity down towards key supports at 6.8665, 6.8550, 6.8449, 6.8333, 6.8298, 6.8090 and 6.7769 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 6.8898/dollar vs last close 6.8775.
We prefer to take long position in USD/CNY around 6.8780, stop loss at 6.8665 and target of 6.8916/6.9032/6.9364.
