USD/CNY is currently trading around 6.8944 marks. It made intraday high at 6.8957 and low at 6.8878 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8938 marks will test key resist…
It made intraday high at 6.8957 and low at 6.8878 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8938 marks will test key resistances at 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8938 will drag the parity down towards key supports at 6.8886, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8869 / dlr vs last close 6.8959.
We prefer to take long position on USD/CNY only above 6.9020, stop loss at 6.8886 and target of 6.9210.
