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FxWirePro: USD/CNY jumps above 6.73 mark, PBOC sets yuan mid-point at 6.7307

  • USD/CNY is currently trading around 6.7229 marks.
     
  • It made intraday high at 6.7337 and low at 6.7258 levels.
     
  • Intraday bias remains slightly bearish for the moment.
     
  • A sustained close above 6.7206 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
     
  • Alternatively, a daily close below 6.7206 will drag the parity down towards key supports at 6.7000, 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.7307 / dlr vs last close 6.7220.
     
  • China sets yuan mid-point at weakest level since March 29, 2019.

We prefer to take long position on USD/CNY around 6.7270, stop loss at 6.7150 and target of 6.7380/6.7422.

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