- USD/CNY is currently trading around 6.9328 marks.
- It made intraday high at 6.9351 and low at 6.9056 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8976 mark.
- A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
- Alternatively, a daily close below 6.9056 will drag the parity down towards key supports at 6.8979, 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8925/ dlr vs last close 6.9118.
- China May 2019 yuan-denominated trade ba increase to 279.12 cny vs prev 93.57 cny.
- China May 2019 yuan-denominated imports decrease to -2.5 % vs previous 10.3 %.
- China May 2019 yuan-denominated exports increase to 7.7 % vs previous 3.1 %.
We prefer to take long position on USD/CNY around 6.9250, stop loss 6.9056 and target of 6.9548/6.97.
