FxWirePro: USD/CNY fails to fall below 6.89 mark, PBOC sets yuan mid-point at 6.9051
USD/CNY is currently trading around 6.9048 marks. It made intraday high at 6.9066 and low at 6.9001 levels. Intraday bias remains bullish till the time pair holds key support at 6.8900 marks. A sustained close above 6.90…
It made intraday high at 6.9066 and low at 6.9001 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8900 marks.
A sustained close above 6.9010 marks will test key resistances at 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9010 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 6.9051 / dlr vs last close 6.9012.
We prefer to take long position in USD/CNY only above 6.9080, stop loss at 6.8937 and target of 6.9150.
