- USD/CNY is currently trading around 6.6384 marks.
- It made intraday high at 6.6413 and low at 6.6295 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.6370 marks will test key resistances at 6.6449, 6.6673 and 6.6735 marks respectively.
- Alternatively, a daily close below 6.6370 will drag the parity down towards key supports at 6.6124, 6.5895, 6.5729, 6.5635, 6.5456, 6.5371, 6.5205, 6.4829, 6.4772, 6.4510, 6.4429, 6.4345, 6.4119 and 6.4060 marks respectively.
- PBOC sets yuan mid-point at 6.6192/ dlr vs last close 6.6400.
- 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.
We prefer to take long position in USD/CNY around 6.6345, stop loss at 6.6250 and target of 6.6673.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
