FxWirePro: USD/CNY remains well supported above 6.90 mark, PBOC sets yuan mid-point at 6.8992
USD/CNY is currently trading around 6.9110 marks. It made intraday high at 6.9148 and low at 6.9004 levels. Intraday bias remains bullish for the moment. A sustained close above 6.9181 marks will test key resistances at …
It made intraday high at 6.9148 and low at 6.9004 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.9181 marks will test key resistances at 6.9187, 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.9181 will drag the parity down towards key supports at 6.8975, 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 6.8992/ dlr vs last close 6.9028.
We prefer to take long position on USD/CNY only above 6.9186, stop loss 6.8975 and target of 6.94/6.9548.
