FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.8854
USD/CNY is currently trading around 6.8984 marks. It made intraday high at 6.8985 and low at 6.8879 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8961 marks will test key resistances at …
It made intraday high at 6.8985 and low at 6.8879 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8961 marks will test key resistances at 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8961 will drag the parity down towards key supports at 6.8886, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8854 / dlr vs last close 6.8975.
We prefer to take long position on USD/CNY around 6.8950, stop loss at 6.8886 and target of 6.9210.
