- USD/CNY is currently trading around 6.8312 marks.
- It made intraday high at 6.8326 and low at 6.8249 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.8352 marks will test key resistances at 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
- Alternatively, a daily close below 6.8274 will drag the parity down towards key supports at 6.8174, 6.8057, 6.7887, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
- PBOC sets yuan mid-point at 6.8197/ dlr vs last close 6.8299.
We prefer to take long position in USD/CNY only above 6.8352, stop loss at 6.8174 and target of 6.8526.
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