FxWirePro: USD/CNY jumps above 6.94 mark, hits highest level since January 2017
USD/CNY is currently trading around 6.9368 marks. It made intraday high at 6.9413 and low at 6.9262 levels. Intraday bias remains bullish till the time pair holds key support at 6.8898 mark. A sustained close above 6.928…
It made intraday high at 6.9413 and low at 6.9262 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8898 mark.
A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9456, 6.9525, 6.9620 and 6.9850 marks respectively.
Alternatively, a daily close below 6.9274 will drag the parity down towards key supports at 6.9210, 6.8898, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
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 6.9275 / dlr vs last close 6.9235.
We prefer to take long position on USD/CNY around 6.93, stop loss at 6.8898 and target of 6.9620.
