USD/CNY is currently trading around 6.8779 marks. It made intraday high at 6.8793 and low at 6.8628 levels. Intraday bias remains bullish for the moment. A sustained close above 6.8764 marks will test key resistances at …
It made intraday high at 6.8793 and low at 6.8628 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.8764 marks will test key resistances at 6.8805, 6.8868, 6.8976, 6.9050 and 6.9248 marks respectively.
Alternatively, a daily close below 6.8764 will drag the parity down towards key supports at 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8365/ dlr vs last close 6.8799.
China sets yuan mid-point at weakest level since Jan 8, 2019.
We prefer to take long position on USD/CNY around 6.87, stop loss at 6.8210 and target of 6.9050.
