USD/CNY is currently trading around 6.8829 marks. It made intraday high at 6.8918 and low at 6.8790 levels. Intraday bias remains bullish till the time pair holds key support at 6.8650 mark. A sustained close above 6.879…
It made intraday high at 6.8918 and low at 6.8790 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8650 mark.
A sustained close above 6.8790 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8790 will drag the parity down towards key supports at 6.8650, 6.8519, 6.84, 6.8210, 6.80 and 6.7813 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 6.8701/ dlr vs last close 6.8786.
We prefer to take long position on USD/CNY around 6.8790, stop loss at 6.8650 and target of 6.9150.
