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Renminbi Series

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FxWirePro: Chinese Yuan depreciates as People's Bank of China sets Yuan reference rate higher

Thursday, March 24, 2016 7:35 AM UTC

USDCNY is currently trading around 6.5130 levels.
It made intraday high at 6.5138 and low at 6.5035 levels.
The People's Bank of China set the Yuan reference rate at 6.5150 today, up from Wednesday's midpoint of 6.4936, representing a Yuan devaluation of 0.33%.
Intraday bias remains bullish for the moment.
A current rebound from key support 6.4682 will drag the parity back above 6.5147/ 6.5508 marks.
Alternatively, a sustained break below 6.4910 tests another support around 6.4525/6.4351 levels.

We prefer to take long position in USD/CNY only above 6.5147, stop loss 6.4910 and target 6.5354 levels.

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Renminbi Series

FxWirePro: Chinese Yuan depreciates as People's Bank of China sets Yuan reference rate higher

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