FxWirePro: USD/CNY rejects key support at 6.8979 mark, PBOC sets yuan mid-point at 6.8973
USD/CNY is currently trading around 6.9123 marks. It made intraday high at 6.9074 and low at 6.9077 levels. Intraday bias remains bullish till the time pair holds key support at 6.8979 mark. A sustained close above 6.907…
It made intraday high at 6.9074 and low at 6.9077 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8979 mark.
A sustained close above 6.9077 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.8979 will drag the parity down towards key supports at 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8988/ dlr vs last close 6.9080.
We prefer to take long position on USD/CNY only above 6.92, stop loss 6.8979 and target of 6.94.
