FxWirePro: USD/CNY hits fresh 7-day high at 6.6642; PBOC sets yuan mid-point at 6.6615
USD/CNY is currently trading around 6.6599 marks. It made intraday high at 6.6642 and low at 6.6473 levels. Intraday bias remains bullish till the time pair holds key support at 6.6388 mark. On the top side, a sustained …
It made intraday high at 6.6642 and low at 6.6473 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6388 mark.
On the top side, a sustained close above 6.6510 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6388 will drag the parity down towards key supports at 6.6205, 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 6.6615/ dollar vs last close 6.6505.
We prefer to take long position in USD/CNY around 6.6510, stop loss 6.6388 and target 6.6876.
