USD/CNY is currently trading around 6.7722 marks. It made intraday high at 6.7795 and low at 6.7601 levels. Intraday bias remains bullish for the moment. A sustained close above 6.7601 marks will test key resistances at …
It made intraday high at 6.7795 and low at 6.7601 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.7601 marks will test key resistances at 6.8072, 6.8224, 6.8530 and 6.87 marks respectively.
Alternatively, a daily close below 6.7601 will drag the parity down towards key supports at 6.7422, 6.7345, 6.7210, 6.7000 and 6.6853 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 6.7614/ dlr vs last close 6.7622.
We prefer to take short position on USD/CNY only below 6.7601, stop loss at 6.78 and target of 6.7210.
