FxWirePro: USD/CNY jumps above 6.90 mark, PBOC sets yuan mid-point at the weakest level since April 10
USD/CNY is currently trading around 6.9066 marks. It made intraday high at 6.9080 and low at 6.9052 levels. Intraday bias remains bullish till the time pair holds key support at 6.8985 marks. A sustained close above 6.90…
It made intraday high at 6.9080 and low at 6.9052 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8985 marks.
A sustained close above 6.9044 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 6.9044 will drag the parity down towards key supports at 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.9037 / dlr vs last close 6.9050.
We prefer to take long position in USD/CNY around 6.9060, stop loss at 6.8985 and target of 6.9150.
