- USD/CNY is currently trading around 6.7042 marks.
- It made intraday high at 6.7120 and low at 6.6999 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.7422 mark.
- A sustained close above 6.7111 marks will test key resistances at 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7111 will drag the parity down towards key supports at 6.70, 6.6853, 6.6650, 6.6540 and 6.6234 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 6.7193 / dlr vs last close 6.7124.
- China Mar 2019 Caixin manufacturing PMI final increase to 50.8 (forecast 49.9) vs previous 49.9.
We prefer to take short position on USD/CNY around 6.7100, stop loss at 6.7422 and target of 6.6853/6.6650.
