USD/CNY is currently trading around 6.9460 marks. It made intraday high at 6.9488 and low at 6.9409 levels. Intraday bias remains bullish till the time pair holds key support at 6.9026 mark. A sustained close above 6.940…
It made intraday high at 6.9488 and low at 6.9409 levels.
Intraday bias remains bullish till the time pair holds key support at 6.9026 mark.
A sustained close above 6.9409 marks will test key resistances at 6.9637, 6.9778 and 6.9883 marks respectively.
On the other side, a daily close below 6.9026 will drag the parity down towards key supports at 6.8983, 6.8770, 6.8510, 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 6.9508/ dollar vs last close 6.9478.
We prefer to go long on USD/CNY around 6.9420, stop loss at 6.9026 and target of 6.9637/6.9778.
