FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.8673
USD/CNY is currently trading around 6.8894 marks. It made intraday high at 6.8908 and low at 6.8799 levels. Intraday bias remains bullish till the time pair holds key support at 6.88 marks. A sustained close above 6.8829…
It made intraday high at 6.8908 and low at 6.8799 levels.
Intraday bias remains bullish till the time pair holds key support at 6.88 marks.
A sustained close above 6.8829 marks will test key resistances at 6.8953, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8829 will drag the parity down towards key supports at 6.88, 6.8701, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8673/ dlr vs last close 6.8870.
We prefer to take long position in USD/CNY only above 6.9001, stop loss 6.8701 and target of 6.9080/6.9157.
