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FxWirePro: Chinese yuan strengthens as PBoC keeps Loan Prime Rate unchanged at 4.05 pct

Friday, March 20, 2020 7:11 AM UTC

USD/CNY is currently trading around 7.0667 marks.
It made intraday high at 7.1082 and low at 7.0582 levels.
Intraday bias remains bearish till the time pair holds key resistance at 7.1057 mark.
A sustained close above 7.1057 marks will test key resistances at 7.0920, 7.1142, 7.1303 and 7.1515 marks respectively.
Alternatively, a daily close below 7.0459 will drag the parity down towards key supports at 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in USD/CNY around 7.0650, stop loss at 7.0450 and target of 7.1142.

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FxWirePro: Chinese yuan strengthens as PBoC keeps Loan Prime Rate unchanged at 4.05 pct

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