FxWirePro: USD/CNY consolidates around 6.6135 mark, bias remains neutral
USD/CNY is currently trading around 6.6156 marks. It made intraday high at 6.6211 and low at 6.6146 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.6210 mark. A sustained close above 6.…
It made intraday high at 6.6211 and low at 6.6146 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.6210 mark.
A sustained close above 6.6210 marks will test key resistances at 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
Alternatively, a daily close below 6.6198 will drag the parity down towards key supports at 6.6135, 6.6055, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
PBOC sets yuan mid-point at 6.6152/ dlr vs last close 6.6240.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China Nov fiscal revenues -1.4 pct yr/yr.
China Nov fiscal expenditures -9.1 pct yr/yr.
We prefer to take long position on USD/CNY only above 6.6210, stop loss 6.6055 and target of 6.6326/6.6405.
