- USD/CNY is currently trading around 6.9990 marks.
- It made intraday high at 7.0063 and low at 6.9980 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 7.0123 mark.
- A sustained close above 7.0123 marks will test key resistances at 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9810 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/CNY around 7.0000, stop loss at 7.0168 and target of 6.9810/6.9525/6.9297.
