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- USD/CNY is currently trading around 6.9713 marks.
- It made intraday high at 6.9742 and low at 6.9648 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.9591 mark.
- A sustained close above 6.9810 marks will test key resistances at 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9591 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 marks respectively.
- 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 Caixin services PMI stands at 52.5 vs 53.5 previous release (expected 53.2).
We prefer to take long position on USD/CNY around 6.9660, stop loss at 6.9590 and target of 6.9867/6.9957.
