FxWirePro: USD/CNY hits fresh 2-week low at 6.8993, PBOC sets yuan mid-point at 6.8893
USD/CNY is currently trading around 6.9026 marks. It made intraday high at 6.9074 and low at 6.8993 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.9210 marks. A sustained close above 6…
It made intraday high at 6.9074 and low at 6.8993 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9210 marks.
A sustained close above 6.9297 marks will test key resistances at 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.9000 will drag the parity down towards key supports at 6.8975, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8893/ dlr vs last close 6.9200.
We prefer to take short position on USD/CNY around 6.9050, stop loss 6.9210 and target of 6.8628/6.8525.
