FxWirePro: USD/CNY consolidates around 6.90 mark, PBOC sets yuan mid-point at 6.8990
USD/CNY is currently trading around 6.9070 marks. It made intraday high at 6.9147 and low at 6.9057 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.92 mark. A sustained close above 6.91…
It made intraday high at 6.9147 and low at 6.9057 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.92 mark.
A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.8979 will drag the parity down towards key supports at 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8990/ dlr vs last close 6.9130.
We prefer to take long position on USD/CNY only above 6.92, stop loss 6.8979 and target of 6.94.
