USD/CNY is currently trading around 6.6895 marks. It made intraday high at 6.7020 and low at 6.6763 levels. Intraday bias remains bullish for the moment. A sustained close above 6.6801 marks will test key resistances at …
It made intraday high at 6.7020 and low at 6.6763 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.6801 marks will test key resistances at 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
Alternatively, a daily close below 6.6801 will drag the parity down towards key supports at 6.6661, 6.6340, 6.6170, 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6726 / dlr vs last close 6.6750.
Shanghai composite index to open down 0.2 pct at 2,771.04 points and China's CSI300 index to open down 0.1 pct at 3,403.33 points.
PBOC yuan midpoint has biggest one-day percentage decline since January 9, 2017.
We prefer to take long position on USD/CNY around 6.6820, stop loss 6.6750 and target of 6.7167/6.7310.
