USD/CNY is currently trading around 6.8140 marks. It made intraday high at 6.8253 and low at 6.8029 levels. Intraday bias remains bullish till the time pair holds key support at 6.8020 mark. A sustained close above 6.802…
It made intraday high at 6.8253 and low at 6.8029 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8020 mark.
A sustained close above 6.8020 marks will test key resistances at 6.8470, 6.8774, 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
Alternatively, a daily close below 6.8020 will drag the parity down towards key supports at 6.8037, 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 6.8508 / dlr vs last close 6.8190.
We prefer to take short position on USD/CNY only below 6.8020, stop loss at 6.8470 and target of 6.7864.
