FxWirePro: USD/CNY fails to fall below 6.8750 mark, PBOC sets yuan mid-point at 6.9064
USD/CNY is currently trading around 6.8910 marks. It made intraday high at 6.8975 and low at 6.8756 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8965 marks will test key resist…
It made intraday high at 6.8975 and low at 6.8756 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8965 marks will test key resistances at 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8965 will drag the parity down towards key supports at 6.8750, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.9064 / dlr vs last close 6.8989.
We prefer to take long position on USD/CNY only above 6.8975, stop loss at 6.8750 and target of 6.9210.
