FxWirePro: USD/CNY consolidates around 6.9050 mark, PBOC sets yuan mid-point at 6.8822
USD/CNY is currently trading around 6.9064 marks. It made intraday high at 6.9087 and low at 6.8976 levels. Intraday bias remains neutral till the time pair holds key support at 6.8976 mark. A sustained close above 6.918…
It made intraday high at 6.9087 and low at 6.8976 levels.
Intraday bias remains neutral till the time pair holds key support at 6.8976 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 6.8822/ dlr vs last close 6.9030.
We prefer to take short position on USD/CNY only below 6.8976, stop loss 6.92 and target of 6.8525.
