FxWirePro: USD/CNY remains well supported above 6.6610, PBOC sets yuan mid-point at 6.6595
USD/CNY is currently trading around 6.6713 marks. It made intraday high at 6.6726 and low at 6.6650 levels. Intraday bias remains bullish till the time pair holds key support at 6.6610 marks. On the top side, a sustained…
It made intraday high at 6.6726 and low at 6.6650 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6610 marks.
On the top side, a sustained close above 6.6780 mark will test key resistances at 6.6873, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6610 will drag the parity down towards key supports at 6.6560, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.6595/ dollar vs last close 6.6688.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.6700, stop loss 6.6610 and target 6.6805.
