FxWirePro: USD/CNY remains well supported below 6.87 mark, sustained close above targets 6.8916
USD/CNY is currently trading around 6.8666 marks. It made intraday high at 6.87 and low at 6.8639 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.8709 mark. A sustained close above 6.87…
It made intraday high at 6.87 and low at 6.8639 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.8709 mark.
A sustained close above 6.8709 marks will test key resistances at 6.8867, 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8639 will drag the parity down towards key supports at 6.8510, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8743/dollar vs last close 6.8689.
We prefer to take long position in USD/CNY only above 6.8709, stop loss at 6.8497 and target of 6.8916.
