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FxWirePro- Major Pair levels and bias summary

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FxWirePro: Chinese Yuan gains as PBOC set stronger Yuan reference rate against UD dollar

Friday, April 29, 2016 6:42 AM UTC

Pair is currently trading around 6.4670 marks.
It made intraday high at 6.4785 and low at 6.4638 levels.
Today PBOC set stronger Yuan reference rate against UD dollar than a day earlier.
PBOC sets Yuan mid-point at 6.4589 / dollar vs last close 6.4779, showing an appreciation around 0.6% on Thursday's fix of 6.4954, the biggest daily gain since July 2005.
Intraday bias remains bearish till the time pair holds key resistance at 6.4910 levels.
A daily close below 6.4700 will drag the parity down towards key supports at 6.4531 levels.
On the other side, a sustained close above 6.4910 will test key resistances at 6.5182, 6.5525 and 6.5708 levels respectively.

We prefer to take short position in USD/CNY around 6.4800, stop loss 6.4910 and target 6.4531 levels.

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FxWirePro: Chinese Yuan gains as PBOC set stronger Yuan reference rate against UD dollar

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