FxWirePro: USD/CNY breaks major trend line at 6.5750 as PBOC sets Yuan mid-point at 6.5658 per dollar
USD/CNY is currently trading around 6.5690 marks. It made intraday high at 6.5750 and low at 6.5665 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.5750 levels. On the top side, a susta…
It made intraday high at 6.5750 and low at 6.5665 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.5750 levels.
On the top side, a sustained close above 6.5930 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.5658/ dollar vs last close 6.5750.
We prefer to take short position in USD/CNY only below 6.5600, stop loss 6.5750 and target 6.5510 levels.
