FxWirePro: USD/CNY consolidates around 6.70 mark, PBOC sets yuan mid-point at 6.6971
USD/CNY is currently trading around 6.6968 marks. It made intraday high at 6.7017 and low at 6.6960 levels. Intraday bias remains bullish till the time pair holds key support at 6.68 marks. On the top side, a sustained c…
It made intraday high at 6.7017 and low at 6.6960 levels.
Intraday bias remains bullish till the time pair holds key support at 6.68 marks.
On the top side, a sustained close above 6.7017 mark will tests key resistances at 6.7583 and 6.8158 marks respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.68, 6.6750, 6.6710, 6.6448, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 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.
PBOC sets Yuan mid-point at 6.6971/ dollar vs last close 6.7019.
We prefer to take long position in USD/CNY only above 6.7017, stop loss 6.6800 and target 6.7583 marks.
