FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.7642
USD/CNY is currently trading around 6.77 marks. It made intraday high at 6.7798 and low at 6.7664 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks. A sustained close above 6.790…
It made intraday high at 6.7798 and low at 6.7664 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.80 marks.
A sustained close above 6.7905 marks will test key resistances at 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
Alternatively, a daily close below 6.7597 will drag the parity down towards key supports at 6.7510, 6.7422, 6.7180, 6.7050, 6.6722 and 6.6422 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 6.7642 / dlr vs last close 6.7675.
We prefer to take long position on USD/CNY around 6.7700, stop loss at 6.7510 and target of 6.8000.
