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- USD/CNY is currently trading around 6.8650 marks.
- It made intraday high at 6.8799 and low at 6.8640 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.8975 marks.
- A sustained close above 6.8777 marks will test key resistances at 6.8975, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.8777 will drag the parity down towards key supports at 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8769 / dlr vs last close 6.8793.
We prefer to take short position on USD/CNY around 6.8700, stop loss at 6.8975 and target of 6.8525.
