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FxWirePro: USD/CNY remains well supported below 6.92 mark, short term trend reversal likely

  • USD/CNY is currently trading around 6.9065 marks.
     
  • It made intraday high at 6.9110 and low at 6.8975 levels.
     
  • Intraday bias remains slightly bearish for the moment.
     
  • A sustained close above 6.9122 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
     
  • Alternatively, a daily close below 6.9122 will drag the parity down towards key supports at 6.8975, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • PBOC sets yuan mid-point at 6.8990/ dlr vs last close 6.9133.

We prefer to take long position on USD/CNY only above 6.9186, stop loss 6.8975 and target of 6.94/6.9548.

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