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- USD/CNY is currently trading around 6.3747 marks.
- It made intraday high at 6.3777 and low at 6.3710 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3700 mark.
- A sustained close above 6.3834 marks will test key resistances at 6.3927, 6.4017, 6.4178 and 6.4329 marks respectively.
- Alternatively, a daily close below 6.3834 will drag the parity down towards key supports at 6.3700, 6.3510, 6.3313, 6.3210, 6.3000 and 6.2892 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 6.3799 / dlr vs last close 6.3809.
We prefer to take short position on USD/CNY only below 6.3700, stop loss 6.3850 and target of 6.3510.
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