- USD/CNY is currently trading around 6.8850 marks.
- It made intraday high at 6.8851 and low at 6.8555 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8348 mark.
- A sustained close above 6.8545 marks will test key resistances at 6.8886, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.8545 will drag the parity down towards key supports at 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8599 / dlr vs last close 6.8580.
We prefer to take long position on USD/CNY around 6.8750, stop loss at 8.8348 and target of 6.96.
