USD/CNY is currently trading around 6.9453 marks. It made intraday high at 6.9488 and low at 6.9320 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.9317 marks will test key resist…
It made intraday high at 6.9488 and low at 6.9320 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.9317 marks will test key resistances at 6.9515, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9317 will drag the parity down towards key supports at 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9329 / dlr vs last close 6.9340.
We prefer to take long position on USD/CNY around 6.9400, stop loss at 6.9210 and target of 6.9768.
