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FxWirePro: Chinese Yuan remains supported just below 6.5510, a break above targets 6.57

Monday, May 23, 2016 6:50 AM UTC

USD/CNY is currently trading around 6.5482 marks.
It made intraday high at 6.5499 and low at 6.5475 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.5510 levels.
A sustained close above 6.5510 marks will test key resistances at 6.5525(March 02, 2016 high) and 6.5708(50D EMA) levels respectively.
Alternatively, a daily close below 6.5369 will drag the parity down towards key supports at 6.5758, 6.4910, 6.4721, 6.4531 levels.
In addition, 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend.
Today PBOC sets Yuan mid-point at 6.5455 / dlr vs last close 6.5493.

We prefer to take long position in USD/CNY only above 6.5510, stop loss 6.5406 and target 6.5708 levels.

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FxWirePro: Chinese Yuan remains supported just below 6.5510, a break above targets 6.57

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