17 Dec 2014
Yuan weakens versus USD
FXStreet (Mumbai) - The Chinese currency gave up gains from the previous session and trades steady against the US dollar after the Chinese central bank set its daily midpoint at a fresh 10-month high.
The USD/CNY pair now trades at 6.195 levels, moderately higher by 0.11%, compared to previous session’s close of 6.1882 levels. The move taken by the People's Bank of China (PBOC) is an encouraging sign of stability in the Chinese Yuan amid fears of fallout from a currency crisis in Russia. The PBOC fixed the official midpoint at 6.1137 per dollar, its strongest level since Feb. 19 and 0.07 percent higher from Tuesday's fixing of 6.1182.
USD/CNY Technical Levels
The pair has an immediate resistance at 6.1978 (Dec 10 High) above which gains could be extended to 6.2081 (Dec 9 High) levels. On the flip side, support is seen at 6.1925 (10-day SMA), below which it could extend losses to 6.1893 (100-day SMA) levels
The USD/CNY pair now trades at 6.195 levels, moderately higher by 0.11%, compared to previous session’s close of 6.1882 levels. The move taken by the People's Bank of China (PBOC) is an encouraging sign of stability in the Chinese Yuan amid fears of fallout from a currency crisis in Russia. The PBOC fixed the official midpoint at 6.1137 per dollar, its strongest level since Feb. 19 and 0.07 percent higher from Tuesday's fixing of 6.1182.
USD/CNY Technical Levels
The pair has an immediate resistance at 6.1978 (Dec 10 High) above which gains could be extended to 6.2081 (Dec 9 High) levels. On the flip side, support is seen at 6.1925 (10-day SMA), below which it could extend losses to 6.1893 (100-day SMA) levels