Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.3034

  • USD/CNY is currently trading around 6.2946 marks.
     
  • It made intraday high at 6.2967 and low at 6.2892 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 6.3034 marks will test key resistances at 6.3158, 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
     
  • Alternatively, a daily close below 6.2944 will drag the parity down towards key supports at 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
     
  • PBOC sets yuan mid-point at 6.3034 / dlr vs last close 6.2976.

We prefer to take long position on USD/CNY only above 6.3010, stop loss 6.2764 and target of 6.3515.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.