USD/CNY is currently trading around 6.7229 marks. It made intraday high at 6.7337 and low at 6.7258 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.7206 marks will test key resist…
It made intraday high at 6.7337 and low at 6.7258 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.7206 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7206 will drag the parity down towards key supports at 6.7000, 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7307 / dlr vs last close 6.7220.
China sets yuan mid-point at weakest level since March 29, 2019.
We prefer to take long position on USD/CNY around 6.7270, stop loss at 6.7150 and target of 6.7380/6.7422.
