- USD/CNY is currently trading around 6.7160 marks.
- It made intraday high at 6.7192 and low at 6.7107 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.7215 marks will test key resistances at 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7062 will drag the parity down towards key supports at 6.6963, 6.6849, 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. Current upside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.7062 / dlr vs last close 6.7135.
We prefer to take long position on USD/CNY only above 6.7210, stop loss at 6.7070 and target of 6.7298/6.7426.
