FxWirePro: USD/CNY exhibits range bound movement, faces strong support at 6.6223
USD/CNY is currently trading around 6.6280 marks. It made intraday high at 6.6397 and low at 6.6262 levels. Intraday bias remains neutral till the time pair holds key support at 6.6223 marks. On the top side, a sustained…
It made intraday high at 6.6397 and low at 6.6262 levels.
Intraday bias remains neutral till the time pair holds key support at 6.6223 marks.
On the top side, a sustained close above 6.65 mark will test key resistances at 6.6650, 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6223 will drag the parity down towards key supports at 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.6305/ dollar vs last close 6.6370.
We prefer to take short position in USD/CNY only below 6.6223, stop loss 6.6480 and target 6.6110/6.6042.
