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FxWirePro: USD/CNY jumps above 6.7100 mark, PBOC sets yuan mid-point at 6.6914

  • USD/CNY is currently trading around 6.7093 marks.
     
  • It made intraday high at 6.7148 and low at 6.6959 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.6700 mark.
     
  • A sustained close above 6.7017 marks will test key resistances at 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
     
  • Alternatively, a daily close below 6.7017 will drag the parity down towards key supports at 6.6715, 6.6518, 6.6340, 6.6170, 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6914 / dlr vs last close 6.7035.

We prefer to take long position on USD/CNY around 6.7050, stop loss 6.6700 and target of 6.7444.

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