USD/CNY is currently trading around 6.6468 marks. It made intraday high at 6.6645 and low at 6.6340 levels. Intraday bias remains bullish till the time pair holds immediate support at 6.6278 mark. A sustained close above…
It made intraday high at 6.6645 and low at 6.6340 levels.
Intraday bias remains bullish till the time pair holds immediate support at 6.6278 mark.
A sustained close above 6.6340 marks will test key resistances at 6.6660, 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
Alternatively, a daily close below 6.6340 will drag the parity down towards key supports at 6.6278, 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6336 / dlr vs last close 6.6371.
We prefer to take long position on USD/CNY around 6.6380, stop loss 6.6250 and target of 6.6660/6.6855.
