FxWirePro: USD/CNY stabilizes around 6.95 mark, PBOC sets yuan mid-point at 6.9468
USD/CNY is currently trading around 6.9509 marks. It made intraday high at 6.9580 and low at 6.9210 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.9602 mark. A sustained close above 6.…
It made intraday high at 6.9580 and low at 6.9210 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.9602 mark.
A sustained close above 6.9570 marks will test key resistances at 6.9637, 6.9778 and 6.9883 marks respectively.
On the other side, a daily close below 6.9500 will drag the parity down towards key supports at 6.9127, 6.9026, 6.9189, 6.8983, 6.8770, 6.8510, 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 6.9468/ dollar vs last close 6.9513.
We prefer to go long on USD/CNY only above 6.9570, stop loss at 6.9189 and target of 6.9637/6.9778.
