Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: China's yuan weakens past 6.81 per U.S. dollar for the first time since July 2017, PBOC sets yuan mid-point at 6.7671

  • USD/CNY is currently trading around 6.7735 marks.
     
  • It made intraday high at 6.8105 and low at 6.7659 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.7160 mark.
     
  • A sustained close above 6.7700 marks will test key resistances at 6.8105, 6.8324, 6.8548 and 6.8705 marks respectively.
     
  • Alternatively, a daily close below 6.7700 will drag the parity down towards key supports at 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.7671 / dlr vs last close 6.7796.
     
  • China sets yuan midpoint at weakest since July 14, 2017.

We prefer to take long position on USD/CNY around 6.7650, stop loss 6.7160 and target of 6.8548.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.