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- USD/CNY is currently trading around 7.0278 marks.
- It made intraday high at 7.0336 and low at 7.0272 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 7.0303 mark.
- A sustained close above 7.0303 marks will test key resistances at 7.0540, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 7.0074 will drag the parity down towards key supports at 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC cuts new lending rate to 4.15 pct vs 4.20 pct previous release.
We prefer to take long position on USD/CNY only above 7.0303, stop loss at 7.0074 and target of 7.0540.
