FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.9071
USD/CNY is currently trading around 6.9049 marks. It made intraday high at 6.9073 and low at 6.9003 levels. Intraday bias remains neutral till the time pair holds key support at 6.9049 mark. A sustained close above 6.904…
It made intraday high at 6.9073 and low at 6.9003 levels.
Intraday bias remains neutral till the time pair holds key support at 6.9049 mark.
A sustained close above 6.9049 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9049 will drag the parity down towards key supports at 6.8955, 6.8889, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.9071/dollar vs last close 6.9090.
We prefer to take long position in USD/CNY only above 6.9076, stop loss at 6.8889 and target of 6.9204/6.9336.
