FxWirePro: USD/CNY remains well supported above 6.88 mark, PBOC sets yuan mid-point at 6.8973
USD/CNY is currently trading around 6.9050 marks. It made intraday high at 6.9073 and low at 6.8969 levels. Intraday bias remains bullish till the time pair holds key support at 6.88 mark. A sustained close above 6.8979 …
It made intraday high at 6.9073 and low at 6.8969 levels.
Intraday bias remains bullish till the time pair holds key support at 6.88 mark.
A sustained close above 6.8979 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 6.8973/ dlr vs last close 6.8974.
We prefer to take long position on USD/CNY around 6.90, stop loss 6.8800 and target of 6.9248.
