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- USD/CNY is currently trading around 6.8032 marks.
- It made intraday high at 6.8056 and low at 6.7913 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.7764 marks.
- A sustained close above 6.7929 marks will test key resistances at 6.8210, 6.8525 and 6.8886 marks respectively.
- Alternatively, a daily close below 6.7929 will drag the parity down towards key supports at 6.7764, 6.7590, 6.7346, 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. Current upside movement is short term term trend correction only.
- PBOC sets yuan mid-point at 6.7854 / dlr vs last close 6.7961.
We prefer to take short position on USD/CNY around 6.8100, stop loss at 6.8250 and target of 6.7764/6.7590.
