FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.8896
USD/CNY is currently trading around 6.9050 marks. It made intraday high at 6.9071 and low at 6.8977 levels. Intraday bias remains bullish till the time pair holds key support at 6.8979 mark. A sustained close above 6.918…
It made intraday high at 6.9071 and low at 6.8977 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8979 mark.
A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
Alternatively, a daily close below 6.8979 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 6.8896/ dlr vs last close 6.9040.
China May 2019 Caixin manufacturing PMI final stays flat at 50.2 (forecast 50) vs previous 50.2.
We prefer to take long position on USD/CNY only above 6.92, stop loss 6.88 and target of 6.9525.
