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FxWirePro: Chinese yuan strengthens noticeably against U.S. dollar, stay bearish

  • USD/CNY is currently trading around 6.8032 marks.
     
  • It made intraday high at 6.8079 and low at 6.7768 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 6.8103 marks.
     
  • A sustained close above 6.8072 marks will test key resistances at 6.8210, 6.8525 and 6.8886 marks respectively.
     
  • Alternatively, a daily close below 6.8072 will drag the parity down towards key supports at 6.7764, 6.7590, 6.7346, 6.7250, 6.7050 and 6.6722 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.7969 / dlr vs last close 6.8076.

We prefer to take short position on USD/CNY around 6.7950, stop loss at 6.8250 and target of 6.7764/6.7590.

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