- USD/CNY is currently trading around 6.8745 marks.
- It made intraday high at 6.8806 and low at 6.8457 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8457 marks will test key resistances at 6.8934, 6.9088, 6.9245 and 6.9414 marks respectively.
- Alternatively, a daily close below 6.8457 will drag the parity down towards key supports at 6.8198, 6.8054, 6.7864, 6.7658 and 6.7373 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8629 / dlr vs last close 6.8440.
We prefer to take long position on USD/CNY around 6.8650, stop loss 6.8450 and target of 6.8934.
