FxWirePro: USD/CNY back above 6.94 mark, PBOC sets yuan mid-point at 6.9338
USD/CNY is currently trading around 6.9405 marks. It made intraday high at 6.9445 and 1low at 6.9338 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.9450 marks will test key resis…
It made intraday high at 6.9445 and 1low at 6.9338 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.9450 marks will test key resistances at 6.9525, 6.9620 and 6.9850 marks respectively.
Alternatively, a daily close below 6.9450 will drag the parity down towards key supports at 6.9210, 6.8898, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.9338 / dlr vs last close 6.9444.
We prefer to take long position on USD/CNY only above 6.9450, stop loss 6.9210 and target of 6.9620/6.9748.
