FxWirePro: USD/CNY hovers around 6.63 mark, PBOC sets yuan mid-point at 6.6268
USD/CNY is currently trading around 6.6297 marks. It made intraday high at 6.6379 and low at 6.6245 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.6400 mark. A sustained close…
It made intraday high at 6.6379 and low at 6.6245 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.6400 mark.
A sustained close above 6.6380 marks will test key resistances at 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
Alternatively, a daily close below 6.6380 will drag the parity down towards key supports at 6.6184, 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
PBOC sets yuan mid-point at 6.6268/ dlr vs last close 6.6385.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/CNY around 6.6330, stop loss at 6.6400 and target of 6.6010.
