FxWirePro: USD/CNY takes halt around 6.76 mark, stay bullish only above 6.7720 mark
USD/CNY is currently trading around 6.7628 marks. It made intraday high at 6.7708 and low at 6.7412 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.7720 mark. A sustained close…
It made intraday high at 6.7708 and low at 6.7412 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.7720 mark.
A sustained close above 6.7650 marks will test key resistances at 6.7870, 6.8105, 6.8324, 6.8548 and 6.8705 marks respectively.
Alternatively, a daily close below 6.7650 will drag the parity down towards key supports at 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.7593 / dlr vs last close 6.7864.
We prefer to take long position on USD/CNY only above 6.7720, stop loss 6.7160 and target of 6.8548.
