FxWirePro: USD/CNY hovers around 6.74 mark, PBOC sets yuan mid-point at 6.7311
USD/CNY is currently trading around 6.7399 marks. It made intraday high at 6.7407 and low at 6.7295 levels. Intraday bias remains bullish till the time pair holds key support at 6.7055 marks. On the top side, a sustained…
It made intraday high at 6.7407 and low at 6.7295 levels.
Intraday bias remains bullish till the time pair holds key support at 6.7055 marks.
On the top side, a sustained close above 6.7410 marks will test key resistances at 6.7583, 6.7831, 6.8025 and 6.8158 marks respectively.
Alternatively, a daily close below 6.7180 will drag the parity down towards key supports at 6.7055, 6.6820, 6.6605, 6.6560, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.7311/ dollar vs last close 6.7385.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY only above 6.7410, stop loss at 6.7180 and target of 6.7583/6.7831/6.8158.
