FxWirePro: USD/CNY trades sideways since last 2-weeks, PBOC sets yuan mid-point at 6.8212
USD/CNY is currently trading around 6.8368 marks. It made intraday high at 6.8423 and low at 6.8255 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8426 marks will test key resistances at …
It made intraday high at 6.8423 and low at 6.8255 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8426 marks will test key resistances at 6.8557, 6.8774 and 6.8938 marks respectively.
Alternatively, a daily close below 6.8200 will drag the parity down towards key supports at 6.7980, 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 6.8212 / dlr vs last close 6.8267.
We prefer to take long position on USD/CNY only above 6.8500, stop loss at 6.8200 and target of 6.8774.
