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FxWirePro: USD/CNY back above 6.70 mark, PBOC sets yuan mid-point at 6.6944

  • USD/CNY is currently trading around 6.7025 marks.
     
  • It made intraday high at 6.7064 and low at 6.6961 levels.
     
  • Intraday bias remains bullish for the moment.
     
  • A sustained close above 6.6951 marks will test key resistances at 6.7050, 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
     
  • Alternatively, a daily close below 6.6951 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 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 6.6944 / dlr vs last close 6.6998.

We prefer to take short position on USD/CNY only below 6.6950, stop loss at 6.7100 and target of 6.6853/6.6540.

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