USD/CNY is currently trading around 6.9023 marks. It made intraday high at 6.9028 and low at 6.8949 levels. Intraday bias remains bullish till the time pair holds key support at 6.8949 mark. A sustained close above 6.894…
It made intraday high at 6.9028 and low at 6.8949 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8949 mark.
A sustained close above 6.8949 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8949 will drag the parity down towards key supports at 6.8879, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8873/dollar vs last close 6.9003.
We prefer to take long position in USD/CNY around 6.9000, stop loss at 6.8879 and target of 6.9336.
