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FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.9235

  • USD/CNY is currently trading around 6.9223 marks.
     
  • It made intraday high at 6.9281 and low at 6.9177 levels.
     
  • Intraday bias remains neutral for the moment. .
     
  • A sustained close above 6.9179 marks will test key resistances at 6.9349, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
     
  • Alternatively, a daily close below 6.9175 will drag the parity down towards key supports at 6.8983, 6.8720, 6.8510 and 6.8449 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 6.9235/ dollar vs last close 6.9245.      

We prefer to take long position in USD/CNY around 6.9190, stop loss 6.8983 and target of 6.9496.

  • Market Data
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