FxWirePro: USD/CNY hits fresh 5 –year high at 6.6091, 6.6377 in focus
USD/CNY is currently trading around 6.6091 marks. It made intraday high at 6.6122 and low at 6.5702 levels. Intraday bias remains bullish for the moment till the time pair holds key support at 6.5930 marks. On the top si…
It made intraday high at 6.6122 and low at 6.5702 levels.
Intraday bias remains bullish for the moment till the time pair holds key support at 6.5930 marks.
On the top side, a sustained close above 6.5930 marks will test key resistance at 6.6152, 6.6230, 6.6278 and 6.6377 marks.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5930, 6.5710, 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.5776/ dollar vs last close 6.5795.
We prefer to take long position in USD/CNY only above 6.6122, stop loss 6.5930 and target 6.6377 levels.
