FxWirePro: USD/CNY hits fresh 3-week low at 6.8792, PBOC sets yuan mid-point at 6.8889
USD/CNY is currently trading around 6.8850 marks. It made intraday high at 6.8915 and low at 6.8792 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.9073 mark. A sustained close above 6.…
It made intraday high at 6.8915 and low at 6.8792 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9073 mark.
A sustained close above 6.8830 marks will test key resistances at 6.8980, 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8830 will drag the parity down towards key supports at 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8889/dollar vs last close 6.8928.
We prefer to take short position in USD/CNY around 6.8865, stop loss at 6.9073 and target of 6.8621.
