USD/CNY is currently trading around 6.8854 marks. It made intraday high at 6.8909 and low at 6.8796 levels. Intraday bias remains bullish till the time pair holds key support at 6.8749 marks. A sustained close above 6.88…
It made intraday high at 6.8909 and low at 6.8796 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8749 marks.
A sustained close above 6.8859 marks will test key resistances at 6.8909, 6.8962, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8859 will drag the parity down towards key supports at 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8792/dollar vs last close 6.8880.
We prefer to take long position in USD/CNY only above 6.8909, stop loss at 6.8749 and target of 6.8993.
