Fxwirepro: Usd/cny Exhibits Range Bound Movement, Pboc sets Yuan Mid-Point at 6.8673

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• USD/CNY is currently trading around 6.8894 marks.
   
• It made intraday high at 6.8908 and low at 6.8799 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.88 marks. 
   
• A sustained close above 6.8829 marks will test key resistances at 6.8953, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
• Alternatively, a daily close below 6.8829 will drag the parity down towards key supports at 6.88, 6.8701, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets yuan mid-point at 6.8673/ dlr vs last close 6.8870.

We prefer to take long position in USD/CNY only above 6.9001, stop loss 6.8701 and target of 6.9080/6.9157.

The material has been provided by InstaForex Company – www.instaforex.com

May 22, 2017 at 09:42AM

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