FxWirePro: USD/CNY remains well supported above 6.90 mark, PBOC sets yuan mid-point at 6.8998
USD/CNY is currently trading around 6.9037 marks. It made intraday high at 6.9055 and low at 6.8999 levels. Intraday bias remains bullish till the time pair holds key support at 6.8955 mark. A sustained close above 6.899…
It made intraday high at 6.9055 and low at 6.8999 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8955 mark.
A sustained close above 6.8999 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8999 will drag the parity down towards key supports at 6.8889, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8998/dollar vs last close 6.9030.
We prefer to take long position in USD/CNY around 6.8990, stop loss at 6.8955 and target of 6.9336.
