- USD/CNY is currently trading around 6.8681 marks.
- It made intraday high at 6.8695 and low at 6.85 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8090 marks.
- On the top side, a sustained close above 6.8600 marks will test key resistances at 6.8728, 6.8814, 6.8924 and 6.8998 marks respectively.
- Alternatively, a daily close below 6.8090 will drag the parity down towards key supports at 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- PBOC sets Yuan mid-point at 6.8592/ dollar vs last close 6.8565.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY around 6.8610, stop loss at 6.8090 and target of 6.8924.
