- USD/CNY is currently trading around 6.8224 marks.
- It made intraday high at 6.8245 and low at 6.8074 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.7658 mark.
- A sustained close above 6.7926 marks will test key resistances at 6.8324, 6.8548 and 6.8705 marks respectively.
- Alternatively, a daily close below 6.7926 will drag the parity down towards key supports at 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.7891 / dlr vs last close 6.7855.
- China sets yuan mid-point at weakest since July 11, 2017.
We prefer to take long position on USD/CNY around 6.8050, stop loss 6.7658 and target of 6.8548.
