FxWirePro: Chinese yuan rises gradually against U.S. dollar, hits highest level since August 2015

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FxWirePro: Chinese yuan rises gradually against U.S. dollar, hits highest level since August 2015

Friday, February 2, 2018 6:02 AM UTC

comments

USD/CNY is currently trading around 6.2850 marks.
It made intraday high at 6.2970 and low at 6.2769 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.3188 mark.
A sustained close above 6.2968 marks will test key resistances at 6.3188, 6.3305, 6.3649, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.2968 will drag the parity down towards key supports at 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
PBOC sets yuan mid-point at 6.2885 / dlr vs last close 6.2965.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 6.2920, stop loss 6.3188 and target of 6.2584.

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