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- USD/CNY is currently trading around 6.8577 marks.
- It made intraday high at 6.8886 and low at 6.8553 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.8797 marks will test key resistances at 6.8894, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.8797 will drag the parity down towards key supports at 6.8420, 6.8215, 6.8095, 6.8020 and 6.7864 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 6.8939 / dlr vs last close 6.8855.
We prefer to take short position on USD/CNYaround 6.8710, stop loss at 8.89 and target of 6.8420/6.8215.
