FxWirePro: USD/CNY fails to fall below key support 6.4910, intraday bias remains bullish
The Yuan has weakened about 5 percent against the dollar since last August. Pair is currently trading at 6.5090 levels. It made intraday high at 6.5091 and low at 6.4945 levels. Intraday bias remains bullish for the mome…
The Yuan has weakened about 5 percent against the dollar since last August.
Pair is currently trading at 6.5090 levels.
It made intraday high at 6.5091 and low at 6.4945 levels.
Intraday bias remains bullish for the moment.
Key support falls at 6.4910 levels and daily close below will take the parity towards key support are at 6.4736 marks.
On the other side, reversal from 6.49 levels will turn the bias bullish again and take the parity around key resistance at 6.5134/6.56 levels thereafter.
From the data front from China, China's central bank is studying the introduction of a tax on currency transactions in an effort to curb speculation in the foreign exchange markets
We prefer to take long position in USD/CNY around 6.50, stop loss 6.4910 and target 6.5134/6.5374 levels.
