FxWirePro: USD/CNY Hovers Around Key Resistance at 6.4910, a Break Above Targets 6.5182

FxWirePro: USD/CNY Hovers Around Key Resistance at 6.4910, a Break Above Targets 6.5182

22 April 2016, 11:32
Roberto Jacobs
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FxWirePro: USD/CNY Hovers Around Key Resistance at 6.4910, a Break Above Targets 6.5182

  • Pair is currently supported above 6.49 marks and trading around 6.4920 levels. 
  • It made intraday high at 6.4937 and low at 6.4740 levels. 
  • Intraday bias remains neutral for the moment. 
  • A daily close below 6.4910 will drag the parity down towards key supports at 6.4736/6.4531 levels. 
  • On the other side, a sustained close above 6.4910 will test key resistances at 6.5182, 6.5525 and 6.5708 levels.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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