- USD/CNY is currently trading around 6.9178 marks.
- It made intraday high at 6.9233 and low at 6.9159 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9525, 6.9620 and 6.9850 marks respectively.
- Alternatively, a daily close below 6.9289 will drag the parity down towards key supports at 6.9080, 6.8828, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.9072 / dlr vs last close 6.9260.
We prefer to take long position on USD/CNY only above 6.9300, stop loss 6.8828 and target of 6.9525.
