FxWirePro: USD/CNY remains well supported above 6.80 mark, PBOC sets yuan mid-point at 6.8113
USD/CNY is currently trading around 6.8292 marks. It made intraday high at 6.8387 and low at 6.8189 levels. Intraday bias remains bullish till the time pair holds key support at 6.7980 marks. A sustained close above 6.82…
It made intraday high at 6.8387 and low at 6.8189 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7980 marks.
A sustained close above 6.8212 marks will test key resistances at 6.8470, 6.8774 and 6.8938 marks respectively.
Alternatively, a daily close below 6.8212 will drag the parity down towards key supports at 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 6.8113 / dlr vs last close 6.8205.
We prefer to take long position on USD/CNY only above 6.8400, stop loss at 6.7980 and target of 6.8774.
