USD/CNY is currently trading around 6.8926 marks. It made intraday high at 6.8947 and low at 6.8768 levels. Intraday bias remains bullish till the time pair holds key support at 6.8570 mark. A sustained close above 6.88 …
It made intraday high at 6.8947 and low at 6.8768 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8570 mark.
A sustained close above 6.88 marks will test key resistances at 6.8960, 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
On the other side, a daily close below 6.8801 will drag the parity down towards key supports at 6.87, 6.8570, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
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 6.8808/ dollar vs last close 6.8820.
We prefer to take long position in USD/CNY around 6.8850, stop loss at 6.8570 and target of 6.9035/6.9197.
