FxWirePro: USD/CNY trades in narrow range; PBOC sets yuan mid-point at 6.9462
USD/CNY is currently trading around 6.9495 marks. It made intraday high at 6.9496 and low at 6.9442 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.9505 mark. A sustained close above 6.…
It made intraday high at 6.9496 and low at 6.9442 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.9505 mark.
A sustained close above 6.9505 marks will test key resistances at 6.9633, 6.9778 and 6.9883 marks respectively.
On the other side, a daily close below 6.9389 will drag the parity down towards key supports at 6.9204, 6.9127, 6.9026, 6.9189, 6.8983, 6.8770, 6.8510, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
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 6.9462/ dollar vs last close 6.9487.
We prefer to go long on USD/CNY only above 6.9505, stop loss at 6.9389 and target of 6.9633/6.9778.
