FxWirePro: USD/CNY exhibits range bound movement, PBoC sets yuan mid-point at 6.6908

12 September 2016, 08:47
Eko Rediantoro
0
16

  • USD/CNY is currently trading around 6.6752 marks.
     
  • It made intraday high at 6.6860 and low at 6.6640 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.6600 marks. 
     
  • On the top side, a sustained close above 6.6722 mark will test key resistances at 6.6870, 6.7017, 6.7583 and 6.8158 marks respectively.
     
  • Alternatively, a daily close below 6.6600 will drag the parity down towards key supports at 6.6510, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
     
  • PBOC sets Yuan mid-point at 6.6908/ dollar vs last close 6.6830.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.                        

We prefer to take long position in USD/CNY around 6.6725, stop loss 6.6560 and target 6.6870/6.7017.


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