- USD/CNY is currently trading around 6.6954 marks.
- It made intraday high at 6.6995 and low at 6.6917 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.6910 marks.
- A sustained close above 6.6911 marks will test key resistances at 6.70, 6.7150, 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.6911 will drag the parity down towards key supports at 6.6742, 6.6650, 6.6540 and 6.62 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 6.6957 / dlr vs last close 6.6935.
- China Feb 2019 Caixin manufacturing PMI final increase to 49.9 (forecast 48.5) vs previous 48.3.
We prefer to take short position on USD/CNY only below 6.69, stop loss at 6.70 and target of 6.6742/6.6650/6.6413.
