USD/CNY is currently trading around 6.8964 marks. It made intraday high at 6.9128 and low at 6.89 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9330 marks. On the top side, a…
It made intraday high at 6.9128 and low at 6.89 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9330 marks.
On the top side, a sustained close above 6.9052 marks will test key resistances at 6.9132, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9052 will drag the parity down towards key supports at 6.8890, 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.8889/ dollar vs last close 6.9083.
We prefer to take long position in USD/CNY around 6.8750, stop loss at 6.8510 and target of 6.9237/6.9330/6.9637.
