FxWirePro: USD/CNY exhibits range bound movement, bias remains neutral
USD/CNY is currently trading around 6.9115 marks. It made intraday high at 6.9157 and low at 6.9099 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.9130 mark. A sustained close above 6.…
It made intraday high at 6.9157 and low at 6.9099 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.9130 mark.
A sustained close above 6.9130 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9130 will drag the parity down towards key supports at 6.9039, 6.8964, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.9115/dollar vs last close 6.9139.
We prefer to take long position in USD/CNY only above 6.9130, stop loss at 6.9039 and target of 6.9336.
