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- USD/CNY is currently trading around 6.3612 marks.
- It made intraday high at 6.3694 and low at 6.3594 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3510 mark.
- A sustained close above 6.3609 marks will test key resistances at 6.3738, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3609 will drag the parity down towards key supports at 6.3510, 6.3332, 6.3210, 6.3000 and 6.2892 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.3732 / dlr vs last close 6.3630.
We prefer to take short position on USD/CNY only below 6.3570, stop loss 6.3695 and target of 6.3210.
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