FxWirePro: USD/CNY hits fresh 4-month low to 6.6469, PBOC sets yuan mid-point at 6.6511
USD/CNY is currently trading around 6.6511 marks. It made intraday high at 6.6558 and low at 6.6469 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.6700 marks. On the top side, a sustai…
It made intraday high at 6.6558 and low at 6.6469 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.6700 marks.
On the top side, a sustained close above 6.6876 mark will test key resistances at 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6448, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.6511/ dollar vs last close 6.6450.
We prefer to take short position in USD/CNY only below 6.65, stop loss 6.6700 and target 6.6448/6.6340.
