FxWirePro: USD/CNY consolidates around 6.90 mark, PBOC sets yuan mid-point at 6.8993
USD/CNY is currently trading around 6.9060 marks. It made intraday high at 6.9142 and low at 6.9006 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.9181 mark. A sustained close above 6.…
It made intraday high at 6.9142 and low at 6.9006 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.9181 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 6.9006 will drag the parity down towards key supports at 6.8975, 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 6.8993/ dlr vs last close 6.9116.
We prefer to take long position on USD/CNY only above 6.9187, stop loss 6.8965 and target of 6.94/6.9548.
