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- USDCNY is currently trading around 6.5130 levels.
- It made intraday high at 6.5138 and low at 6.5035 levels.
- The People's Bank of China set the Yuan reference rate at 6.5150 today, up from Wednesday's midpoint of 6.4936, representing a Yuan devaluation of 0.33%.
- Intraday bias remains bullish for the moment.
- A current rebound from key support 6.4682 will drag the parity back above 6.5147/ 6.5508 marks.
- Alternatively, a sustained break below 6.4910 tests another support around 6.4525/6.4351 levels.
We prefer to take long position in USD/CNY only above 6.5147, stop loss 6.4910 and target 6.5354 levels.
