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- USD/CNY is currently trading around 6.4038 marks.
- It made intraday high at 6.4082 and low at 6.4029 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.4030 marks will test key resistances at 6.4175, 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
- Alternatively, a daily close below 6.4030 will drag the parity down towards key supports at 6.3889, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 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 6.4064 / dlr vs last close 6.4090.
We prefer to take long position on USD/CNY only above 6.4112, stop loss 6.3889 and target of 6.4228/6.4329.
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