- USD/CNY is currently trading around 6.9553 marks.
- It made intraday high at 6.9554 and low at 6.9396 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.9476 marks will test key resistances at 6.9620, 6.9768 and 6.9850 marks respectively.
- Alternatively, a daily close below 6.9210 will drag the parity down towards key supports at 6.8898, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.9377 / dlr vs last close 6.9448.
We prefer to take long position on USD/CNY around 6.9500, stop loss 6.9210 and target of 6.9850.
