FxWirePro: USD/CNY hits fresh 4-week high at 6.9107, PBOC sets yuan mid-point at 6.9042
USD/CNY is currently trading around 6.9080 marks. It made intraday high at 6.9107 and low at 6.8977 levels. Intraday bias remains bullish till the time pair holds key support at 6.8887 mark. A sustained close above 6.897…
It made intraday high at 6.9107 and low at 6.8977 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8887 mark.
A sustained close above 6.8977 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8977 will drag the parity down towards key supports at 6.8887, 6.8831, 6.8778, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.9042/dollar vs last close 6.9010.
We prefer to take long position in USD/CNY around 6.9025, stop loss 6.8887 and target of 6.9204/6.9268.
