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- USD/CNY is currently trading around 6.6232 marks.
- It made intraday high at 6.6411 and low at 6.6228 levels.
- Intraday bias remains bearish till the time pair holds immediate resistance at 6.6660 mark.
- A sustained close above 6.6395 marks will test key resistances at 6.6660, 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
- Alternatively, a daily close below 6.6395 will drag the parity down towards key supports at 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.6393 / dlr vs last close 6.6489.
We prefer to take short position on USD/CNY around 6.6270, stop loss 6.6412 and target of 6.5991.
