FxWirePro: USD/CNY remains well supported above 6.90 mark, PBOC sets yuan mid-point at 6.9072
USD/CNY is currently trading around 6.9178 marks. It made intraday high at 6.9233 and low at 6.9159 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.9289 marks will test key resist…
It made intraday high at 6.9233 and low at 6.9159 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9525, 6.9620 and 6.9850 marks respectively.
Alternatively, a daily close below 6.9289 will drag the parity down towards key supports at 6.9080, 6.8828, 6.8670, 6.8420, 6.8215, 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 6.9072 / dlr vs last close 6.9260.
We prefer to take long position on USD/CNY only above 6.9300, stop loss 6.8828 and target of 6.9525.
