USD/CNY is currently trading around 6.8745 marks. It made intraday high at 6.8806 and low at 6.8457 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8457 marks will test key resistances at …
It made intraday high at 6.8806 and low at 6.8457 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8457 marks will test key resistances at 6.8934, 6.9088, 6.9245 and 6.9414 marks respectively.
Alternatively, a daily close below 6.8457 will drag the parity down towards key supports at 6.8198, 6.8054, 6.7864, 6.7658 and 6.7373 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 6.8629 / dlr vs last close 6.8440.
We prefer to take long position on USD/CNY around 6.8650, stop loss 6.8450 and target of 6.8934.
