FxWirePro: USD/CNY hits fresh 3 –month high as PBOC sets Yuan midpoint at weakest level against dollar in over 5 five years
USD/CNY is currently trading around 6.5767 marks. It made intraday high at 6.5817 and low at 6.5607 levels. Intraday bias remains bullish till the time pair holds key support at 6.5510 levels. A sustained close above 6.5…
It made intraday high at 6.5817 and low at 6.5607 levels.
Intraday bias remains bullish till the time pair holds key support at 6.5510 levels.
A sustained close above 6.57 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.5784 / dlr vs last close 6.5650.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
