USD/CNY is currently trading around 6.7117 marks. It made intraday high at 6.7180 and low at 6.7021 levels. Intraday bias remains bullish for the moment. A sustained close above 6.7060 marks will test key resistances at …
It made intraday high at 6.7180 and low at 6.7021 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.7060 marks will test key resistances at 6.7150, 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7060 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7053 / dlr vs last close 6.7088.
We prefer to take long position on USD/CNY around 6.71, stop loss at 6.6917 and target of 6.7422.
