FxWirePro: USD/CNY hits fresh 4-week high at 6.6659, PBOC sets yuan mid-point at 6.6652
USD/CNY is currently trading around 6.6596 marks. It made intraday high at 6.6659 and low at 6.6478 levels. Intraday bias remains bullish till the time pair holds key support at 6.6253 marks. On the top side, a sustained…
It made intraday high at 6.6659 and low at 6.6478 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6253 marks.
On the top side, a sustained close above 6.66 mark will test key resistances at 6.6659, 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6253 will drag the parity down towards key supports at 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 6.6652/ dollar vs last close 6.6546.
We prefer to take long position in USD/CNY only above 6.6610, stop loss 6.6253 and target 6.6876.
