FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.7110
USD/CNY is currently trading around 6.7077 marks. It made intraday high at 6.7124 and low at 6.7054 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.7098 marks will test key resist…
It made intraday high at 6.7124 and low at 6.7054 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.7098 marks will test key resistances at 6.7180, 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
Alternatively, a daily close below 6.7098 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7110 / dlr vs last close 6.7125.
We prefer to take short position on USD/CNY only below 6.6963, stop loss at 6.72 and target of 6.6727.
