FxWirePro: USD/CNY Falls Below 6.56 Mark, Faces Major Support at 6.5510
- USD/CNY is currently trading around 6.5572 marks.
- It made intraday high at 6.5854 and low at 6.5595 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.5723 levels.
- A sustained close above 6.5908 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
- On the other side, a daily close below 6.5510 will drag the parity down towards key supports at 6.5369, 6.5124, 6.4910, 6.4721 and 6.4531 levels respectively.
- PBOC sets Yuan mid-point at 6.5497 / dlr vs last close 6.5515.
- Important to note here that, 20D EMA, 30D and 55D EMA heads still up, which confirms bullish trend. Current downside movement is short term trend correction only.
We prefer to take short position in USD/CNY only below 6.5510, stop loss 6.5865 and target 6.5124 marks.