FxWirePro: USD/CNY hits fresh 2-week high at 6.9566 mark , PBOC sets yuan mid-point at 6.9500
USD/CNY is currently trading around 6.9506 marks. It made intraday high at 6.9566 and low at 6.9495 levels. Intraday bias remains bullish for the moment. A sustained close above 6.9497 marks will test key resistances at …
It made intraday high at 6.9566 and low at 6.9495 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.9497 marks will test key resistances at 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9497 will drag the parity down towards key supports at 6.9396, 6.9210, 6.9120, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9500 / dlr vs last close 6.9525.
We prefer to take long position on USD/CNY around 6.9470, stop loss 6.9396 and target of 6.9768.
