FxWirePro: USD/CNY hovers around 6.94 mark, PBOC sets yuan mid-point at 6.9245
USD/CNY is currently trading around 6.9399 marks. It made intraday high at 6.9449 and low at 6.9334 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.9290 mark. A sustained close ab…
It made intraday high at 6.9449 and low at 6.9334 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.9290 mark.
A sustained close above
6.9366 marks will test key resistances at 6.9525, 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9366 will drag the parity down towards key supports at 6.9290, 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9245 / dlr vs last close 6.9351.
We prefer to take long position on USD/CNY only above 6.9505, stop loss at 6.9290 and target of 6.9850.
