FxWirePro: USD/CNY hovers around 6.56 marks, a sustain break above targets 6.5790
USD/CNY is currently trading around 6.5605 marks. It made intraday high at 6.5608 and low at 6.5538 levels. Intraday bias remains bullish till the time pair holds key support at 6.5470 levels. A sustained close above 6.5…
It made intraday high at 6.5608 and low at 6.5538 levels.
Intraday bias remains bullish till the time pair holds key support at 6.5470 levels.
A sustained close above 6.5629 marks will test key resistance at 6.5708 (50D EMA), 6.5790 levels respectively.
Alternatively, a daily close below 6.5475 will drag the parity down towards key supports at 6.5369, 6.5758, 6.4910, 6.4721, 6.4531 levels.
In addition, 20D EMA has crossed over 30D and 55D EMA, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.5552 / dlr vs last close 6.5604.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
