FxWirePro: USD/CNY exhibits range bound movement, faces strong resistance at 6.9080
USD/CNY is currently trading around 6.9005 marks. It made intraday high at 6.9022 and low at 6.8990 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.9080 marks. A sustained close above 6…
It made intraday high at 6.9022 and low at 6.8990 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9080 marks.
A sustained close above 6.9080 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 6.9022 will drag the parity down towards key supports at 6.8937, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8948 / dlr vs last close 6.9025.
We prefer to take short position in USD/CNY around 6.9010, stop loss at 6.9080 and target of 6.8910.
