FxWirePro: USD/CNY hits fresh 2-week high at 6.9151, PBOC sets yuan mid-point at 6.9086
USD/CNY is currently trading around 6.9145 marks. It made intraday high at 6.9151 and low at 6.9036 levels. Intraday bias remains bullish for the moment. A sustained close above 6.9052 marks will test key resistances at …
It made intraday high at 6.9151 and low at 6.9036 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.9052 marks will test key resistances at 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
On the other side, a daily close below 6.8770 will drag the parity down towards key supports at 6.8731, 6.8510, 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.
PBOC sets Yuan mid-point at 6.9086/ dollar vs last close 6.9056.
We prefer to go long on USD/CNY around 6.91, stop loss at 6.8770 and target of 6.9330.
