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- USD/CNY is currently trading around 6.3487 marks.
- It made intraday high at 6.3516 and low at 6.3383 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.3437 marks will test key resistances at 6.3530, 6.3649, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3305 will drag the parity down towards key supports at 6.3210, 6.3005, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3530 / dlr.
- 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.
- China's CSI300 index up over 2 pct.
We prefer to take short position on USD/CNY only below 6.3305, stop loss at 6.3650 and target of 6.2827.
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