FxWirePro: USD/CNY stabilises around 6.68 mark, PBOC sets yuan mid-point at 6.6784
USD/CNY is currently trading around 6.6801 marks. It made intraday high at 6.6823 and low at 6.6760 levels. Intraday bias remains bullish till the time pair holds key support at 6.6670 marks. On the top side, a sustained…
It made intraday high at 6.6823 and low at 6.6760 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6670 marks.
On the top side, a sustained close above 6.6825 mark will test key resistances at 6.6850, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6670 will drag the parity down towards key supports at 6.6510, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.6784/ dollar vs last close 6.6790.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY only above 6.6823, stop loss 6.6670 and target 6.7017.
