USD/CNY is currently trading around 6.8179 marks. It made intraday high at 6.8189 and low at 6.8054 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8205 marks will test key resistances at …
It made intraday high at 6.8189 and low at 6.8054 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8205 marks will test key resistances at 6.8388, 6.8548 and 6.8705 marks respectively.
Alternatively, a daily close below 6.8205 will drag the parity down towards key supports at 6.7864, 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.7942 / dlr vs last close 6.8150.
Shanghai composite index down over 2 pct and China's CSI300 index down over 2 pct.
We prefer to take long position on USD/CNY around 6.8100, stop loss 6.7864 and target of 6.8548.
