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- USD/CNY is currently trading around 6.8360 marks.
- It made intraday high at 6.8454 and low at 6.8334 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 6.8705 marks will test key resistances at 6.8792, 6.8810, 6.8938, 6.9050 and 6.9248 marks respectively.
- Alternatively, a daily close below 6.8420 will drag the parity down towards key supports at 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. Current downside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.8357 / dlr vs last close 6.8460.
We prefer to take short position on USD/CNY around 6.84, stop loss at 6.8570 and target of 6.8215.
