FxWirePro: USD/CNY back above 6.89 mark, PBOC sets yuan mid-point at 6.8845
USD/CNY is currently trading around 6.8931 marks. It made intraday high at 6.8963 and low at 6.8842 levels. Intraday bias remains bullish till the time pair holds key support at 6.8777 mark. A sustained close above 6.884…
It made intraday high at 6.8963 and low at 6.8842 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8777 mark.
A sustained close above 6.8842 marks will test key resistances at 6.8980, 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8842 will drag the parity down towards key supports at 6.8777, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8845/dollar vs last close 6.8860.
We prefer to take long position in USD/CNY around 6.89, stop loss 6.8777 and target of 6.9073.
