FxWirePro: USD/CNY remains well supported below 6.80 mark, PBOC sets yuan mid-point at 6.7889
USD/CNY is currently trading around 6.7979 marks. It made intraday high at 6.7995 and low at 6.7947 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks. A sustained close above 6.7…
It made intraday high at 6.7995 and low at 6.7947 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks.
A sustained close above 6.7983 marks will test key resistances at 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.7983 will drag the parity down towards key supports at 6.7757, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
PBOC sets yuan mid-point at 6.7889/ dlr vs last close 6.7990.
We prefer to take long position in USD/CNY only above 6.8006, stop loss at 6.7757 and target of 6.8352.
