USD/CNY is currently trading around 6.8917 marks. It made intraday high at 6.8953 and low at 6.8879 levels. Intraday bias remains bullish till the time pair holds key support at 6.8701 marks. A sustained close above 6.88…
It made intraday high at 6.8953 and low at 6.8879 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8701 marks.
A sustained close above 6.8879 marks will test key resistances at 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8879 will drag the parity down towards key supports at 6.8701, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8786/ dlr vs last close 6.8860.
We prefer to take long position in USD/CNY only above 6.9001, stop loss 6.8701 and target of 6.9080/6.9157.
