- USD/CNY is currently trading around 6.6961 marks.
- It made intraday high at 6.7167 and low at 6.6631 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.6631 marks will test key resistances at 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
- Alternatively, a daily close below 6.6631 will drag the parity down towards key supports at 6.6170, 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6497 / dlr vs last close 6.6660.
- China sets yuan mid-point at weakest since Aug 25, 2017.
We prefer to take long position on USD/CNY around 6.6880, stop loss 6.6600 and target of 6.7444.
