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FxWirePro: USD/CNY stabilizes above 6.88 mark, PBOC sets yuan mid-point at 6.8701

  • USD/CNY is currently trading around 6.8829 marks.
     
  • It made intraday high at 6.8918 and low at 6.8790 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.8650 mark.
     
  • A sustained close above 6.8790 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
     
  • Alternatively, a daily close below 6.8790 will drag the parity down towards key supports at 6.8650, 6.8519, 6.84, 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 6.8701/ dlr vs last close 6.8786.

We prefer to take long position on USD/CNY around 6.8790, stop loss at 6.8650 and target of 6.9150.

By Aarti Panchal
  • Market Data
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