FxWirePro: USD/CNY opens at lowest level since June 2008, PBOC sets yuan mid-point at 6.9289
USD/CNY is currently trading around 6.9332 marks. It made intraday high at 6.9353 and low at 6.9024 levels. Intraday bias remains bullish till the time pair holds key support at 6.8983 mark. A sustained close above 6.902…
It made intraday high at 6.9353 and low at 6.9024 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8983 mark.
A sustained close above 6.9024 marks will test key resistances at 6.9353, 6.9435, 6.9637 and 6.9883 marks respectively.
On the other side, a daily close below 6.8983 will drag the parity down towards key supports at 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 6.9289/ dollar vs last close 6.9070.
We prefer to go long on USD/CNY around 6.9250, stop loss at 6.8983 and target of 6.9637.
