FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.8052
USD/CNY is currently trading around 6.8171 marks. It made intraday high at 6.8201 and low at 6.8065 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8145 marks will test key resistances at …
It made intraday high at 6.8201 and low at 6.8065 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8145 marks will test key resistances at 6.8210, 6.8470, 6.8774 and 6.8938 marks respectively.
Alternatively, a daily close below 6.8145 will drag the parity down towards key supports at 6.8037, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8052 / dlr vs last close 6.8160.
We prefer to take long position on USD/CNY only above 6.8250, stop loss at 6.8037 and target of 6.8470.
