FxWirePro: USD/CNY back below 6.94 mark, PBOC sets yuan mid-point at 6.9353
USD/CNY is currently trading around 6.9382 marks. It made intraday high at 6.9538 and low at 6.9356 levels. Intraday bias remains bearish for the moment. A sustained close above 6.9533 marks will test key resistances at …
It made intraday high at 6.9538 and low at 6.9356 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.9533 marks will test key resistances at 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9533 will drag the parity down towards key supports at 6.9396, 6.9210, 6.9120, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9353 / dlr vs last close 6.9540.
We prefer to take short position on USD/CNY around 6.9400, stop loss 6.9540 and target of 6.9210/6.9120.
