USD/CNY is currently trading around 6.7223 marks. It made intraday high at 6.7248 and low at 6.7190 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.7248 marks will test key resist…
It made intraday high at 6.7248 and low at 6.7190 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.7248 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7248 will drag the parity down towards key supports at 6.7000, 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.7205 / dlr vs last close 6.7278.
We prefer to take long position on USD/CNY only above 6.7248, stop loss at 6.7000 and target of 6.7380/6.7422.
