FxWirePro: USD/CNY stabilizes above 6.88 mark as China returns to trade after two-day holidays
USD/CNY is currently trading around 6.8873 marks. It made intraday high at 6.8890 and low at 6.8831 levels. Intraday bias remains bullish till the time pair holds key support at 6.8778 mark. A sustained close above 6.89 …
It made intraday high at 6.8890 and low at 6.8831 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8778 mark.
A sustained close above 6.89 marks will test key resistances at 6.8963, 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8825 will drag the parity down towards key supports at 6.8778, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8906/dollar vs last close 6.8835.
We prefer to take long position in USD/CNY around 6.8900, stop loss 6.8778 and target of 6.9073.
