USD/CNY is currently trading around 6.8835 marks. It made intraday high at 6.8903 and low at 6.8801 levels. Intraday bias remains neutral for the moment. On the top side, a sustained close above 6.8850 marks will test ke…
It made intraday high at 6.8903 and low at 6.8801 levels.
Intraday bias remains neutral for the moment.
On the top side, a sustained close above 6.8850 marks will test key resistances at 6.8960, 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8801 will drag the parity down towards key supports at 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
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 6.8794/ dollar vs last close 6.8865.
We prefer to take long position in USD/CNY only above 6.8960, stop loss at 6.8801 and target of 6.9035/6.9197.
