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- USD/CNY is currently trading around 6.7509 marks.
- It made intraday high at 6.7680 and low at 6.7386 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.7667 marks will test key resistances at 6.7899, 6.8210, 6.8525 and 6.8886 marks respectively.
- Alternatively, a daily close below 6.7667 will drag the parity down towards key supports at 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 6.7542 / dlr vs last close 6.7670.
- China Central bank - RRR cut effective on Tuesday.
- China's Central bank - Will keep liquidity reasonably ample.
- China's finance ministry says will implement larger tax cuts, fee cuts.
- China Central bank vice governor Zhu - China is confident on exchange rate despite RRR cuts.
We prefer to take short position on USD/CNY around 6.7560, stop loss at 6.7700 and target of 6.7050.
