FxWirePro: USD/CNY stabilizes above 6.70 mark, PBOC sets yuan mid-point at 6.7043
Friday, April 19, 2019 2:46 AM UTC
- USD/CNY is currently trading around 6.6929 marks.
- It made intraday high at 6.6964 and low at 6.6929 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 6.7080 marks will test key resistances at 6.7122, 6.7210, 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7080 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 marks
- 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 6.7043 / dlr vs last close 6.7085.
We prefer to take short position on USD/CNY around 6.7050, stop loss at 6.7210 and target of 6.6650.