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FxWirePro: USD/CNY consolidates around 6.90 mark, PBOC sets yuan mid-point at 6.8993

  • USD/CNY is currently trading around 6.9060 marks.
     
  • It made intraday high at 6.9142 and low at 6.9006 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 6.9181 mark.
     
  • A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
     
  • Alternatively, a daily close below 6.9006 will drag the parity down towards key supports at 6.8975, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.8993/ dlr vs last close 6.9116.

We prefer to take long position on USD/CNY only above 6.9187, stop loss 6.8965 and target of 6.94/6.9548.

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