FxWirePro: USD/CNY hits fresh weekly low at 6.8822, PBOC sets yuan mid-point at 6.8865
USD/CNY is currently trading around 6.8858 marks. It made intraday high at 6.9035 and low at 6.8822 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9128 marks. On the top side,…
It made intraday high at 6.9035 and low at 6.8822 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9128 marks.
On the top side, a sustained close above 6.8933 marks will test key resistances at 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8933 will drag the parity down towards key supports at 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.8865/ dollar vs last close 6.8980.
We prefer to take short position in USD/CNY only below 6.8785, stop loss at 6.9035 and target of 6.8550/6.8510/6.8449.
