FxWirePro: USD/CNY hits fresh 3-month low at 6.8553 mark, PBOC sets yuan mid-point at 6.8939
USD/CNY is currently trading around 6.8577 marks. It made intraday high at 6.8886 and low at 6.8553 levels. Intraday bias remains bearish for the moment. A sustained close above 6.8797 marks will test key resistances at …
It made intraday high at 6.8886 and low at 6.8553 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.8797 marks will test key resistances at 6.8894, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8797 will drag the parity down towards key supports at 6.8420, 6.8215, 6.8095, 6.8020 and 6.7864 marks respectively.
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 6.8939 / dlr vs last close 6.8855.
We prefer to take short position on USD/CNYaround 6.8710, stop loss at 8.89 and target of 6.8420/6.8215.
