FxWirePro: USD/CNY remains well supported below 6.92 mark, short term trend reversal likely
USD/CNY is currently trading around 6.9065 marks. It made intraday high at 6.9110 and low at 6.8975 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.9122 marks will test key resist…
It made intraday high at 6.9110 and low at 6.8975 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.9122 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.9122 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. Current downside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.8990/ dlr vs last close 6.9133.
We prefer to take long position on USD/CNY only above 6.9186, stop loss 6.8975 and target of 6.94/6.9548.
