- USD/CNY is currently trading around 6.7547 marks.
- It made intraday high at 6.7899 and low at 6.7460 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.7870 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.7870 will drag the parity down towards key supports at 6.7460, 6.7250, 6.7050 and 6.6722 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7909 / dlr vs last close 6.7890.
We prefer to take short position on USD/CNY around 6.77, stop loss at 6.80 and target of 6.7050.
