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FxWirePro: USD/CNY hits fresh 6-year low at 6.6993 mark, PBOC sets yuan mid-point at 6.6961

  • USD/CNY is currently trading around 6.6970 marks.
     
  • It made intraday high at 6.6993 and low at 6.6810 levels.
     
  • Intraday bias remains bullish for the moment.
     
  • On the top side, a sustained close above 6.6923 mark will tests key resistances at 6.7583 and 6.8158 marks respectively.
     
  • Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.68, 6.6750, 6.6710, 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.
     
  • Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
     
  • PBOC sets Yuan mid-point at 6.6961/ dollar vs last close 6.6883.

We prefer to take long position in USD/CNY only above 6.7010, stop loss 6.6800 and target 6.7583 marks.

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