USD/CNY is currently trading around 6.7093 marks. It made intraday high at 6.7148 and low at 6.6959 levels. Intraday bias remains bullish till the time pair holds key support at 6.6700 mark. A sustained close above 6.701…
It made intraday high at 6.7148 and low at 6.6959 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6700 mark.
A sustained close above 6.7017 marks will test key resistances at 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
Alternatively, a daily close below 6.7017 will drag the parity down towards key supports at 6.6715, 6.6518, 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 6.6914 / dlr vs last close 6.7035.
We prefer to take long position on USD/CNY around 6.7050, stop loss 6.6700 and target of 6.7444.
