- USD/CNY is currently trading around 6.8835 marks.
- It made intraday high at 6.8835 and low at 6.8749 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.8739 marks.
- A sustained close above 6.8777 marks will test key resistances at 6.8909, 6.8962, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.8777 will drag the parity down towards key supports at 6.8739, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.8664/dollar vs last close 6.8860.
We prefer to take long position in USD/CNY around 6.8820, stop loss at 6.8750 and target of 6.8909/6.8993.
