FxWirePro: USD/CNY hovers around 6.7700 mark, PBOC sets yuan mid-point at 6.7705
USD/CNY is currently trading around 6.7705 marks. It made intraday high at 6.7780 and low at 6.7684 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.7805 marks. On the top side, a sustai…
It made intraday high at 6.7780 and low at 6.7684 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.7805 marks.
On the top side, a sustained close above 6.78 marks will test key resistances at 6.7831, 6.8025 and 6.8158 marks respectively.
Alternatively, a daily close below 6.7439 will drag the parity down towards key supports at 6.7288, 6.7180, 6.7055, 6.6820, 6.6605, 6.6560, 6.6425, 6.6281, 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 6.7705/ dollar vs last close 6.7795.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY around 6.7650, stop loss at 6.7439 and target of 6.7805/6.8158.
