FxWirePro: USD/CNY hovers around 6.80 mark, PBOC sets yuan mid-point at 6.8040
USD/CNY is currently trading around 6.7916 marks. It made intraday high at 6.8048 and low at 6.7880 levels. Intraday bias remains neutral for the moment. A sustained close above 6.7966 marks will test key resistances at …
It made intraday high at 6.8048 and low at 6.7880 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.7966 marks will test key resistances at 6.8245, 6.8324, 6.8548 and 6.8705 marks respectively.
Alternatively, a daily close below 6.7966 will drag the parity down towards key supports at 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.8040 / dlr vs last close 6.8041.
We prefer to take long position on USD/CNY only above 6.8050, stop loss 6.7658 and target of 6.8548.
