FxWirePro: USD/CNY trades in narrow range, bias remains neutral
USD/CNY is currently trading around 6.8662 marks. It made intraday high at 6.8708 and low at 6.8606 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8648 marks will test key resistances at …
It made intraday high at 6.8708 and low at 6.8606 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8648 marks will test key resistances at 6.8867, 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8648 will drag the parity down towards key supports at 6.8510, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.8632/dollar vs last close 6.8660.
We prefer to take short position in USD/CNY only below 6.8606, stop loss at 6.8738 and target of 6.8510/6.8465.
