FxWirePro: USD/CNY stabilizes below 7.10 mark, PBoC fixes reference rate at 7.0903 mark
USD/CNY is currently trading around 7.0842 marks. It made intraday high at 7.0970 and low at 7.0842 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 7.1022 mark. A sustained close…
It made intraday high at 7.0970 and low at 7.0842 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 7.1022 mark.
A sustained close above 7.0913 marks will test key resistances at 7.0982, 7.1022, 7.1095 and 7.1266 marks respectively.
Alternatively, a daily close below 7.0913 will drag the parity down towards key supports at 7.0820, 7.07, 7.0650, 7.0525, 7.0449, 7.0319, 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBoC sets yuan mid point at 7.0903 vs last close 7.0925 mark.
We prefer to take long position in USD/CNY only above 7.0982, stop loss at 7.0820 and target of 7.1095.
