• FxWirePro: USD/CNY jumps above 6.94 Mark, hits highest level since January 2017

    Source: FxWire Pro - Technicals / 17 Oct 2018 22:51:28   America/New_York

    • USD/CNY is currently trading around 6.9368 marks.
       
    • It made intraday high at 6.9413 and low at 6.9262 levels.
       
    • Intraday bias remains bullish till the time pair holds key support at 6.8898 mark.
       
    • A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9456, 6.9525, 6.9620 and 6.9850 marks respectively.
       
    • Alternatively, a daily close below 6.9274 will drag the parity down towards key supports at 6.9210, 6.8898, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.9275 / dlr vs last close 6.9235.

    We prefer to take long position on USD/CNY around 6.93, stop loss at 6.8898 and target of 6.9620.

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