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FxWirePro: Chinese yuan trades flat against U.S. dollar, stay bearish only below 6.6120

  • USD/CNY is currently trading around 6.6144 marks.
     
  • It made intraday high at 6.6191 and low at 6.6124 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 6.6210 mark.
     
  • A sustained close above 6.6210 marks will test key resistances at 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
     
  • Alternatively, a daily close below 6.6135 will drag the parity down towards key supports at 6.6055, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
     
  • PBOC sets yuan mid-point at 6.6195/ dlr vs last close 6.6145.
     
  • 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 only below 6.6120, stop loss 6.6210 and target of 6.6055/6.5710.

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