Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CNY hits fresh 4-week high at 6.6324 mark, PBOC sets yuan mid-point at 6.6076

  • USD/CNY is currently trading around 6.6294 marks.
     
  • It made intraday high at 6.6324 and low at 6.6124 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.6211 mark.
     
  • A sustained close above 6.6211 marks will test key resistances at 6.6449, 6.6673 and 6.6735 marks respectively.
     
  • Alternatively, a daily close below 6.6211 will drag the parity down towards key supports at 6.5895, 6.5729, 6.5635, 6.5456, 6.5371, 6.5205, 6.4829, 6.4772, 6.4510, 6.4429, 6.4345, 6.4119 and 6.4060 marks respectively.
     
  • PBOC sets yuan mid-point at 6.6076/ dlr vs last close 6.6189.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/CNY around 6.6170, stop loss at 6.5998 and target of 6.6673.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.