- USD/CNY is currently trading around 6.8085 marks.
- It made intraday high at 6.8109 and low at 6.8047 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8100 marks will test key resistances at 6.8209, 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
- Alternatively, a daily close below 6.8100 will drag the parity down towards key supports at 6.8047, 6.7887, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
- PBOC sets yuan mid-point at 6.7972/ dlr vs last close 6.8135.
- China’s May house prices y/y decrease to 10.4 % vs previous 10.7 %.
We prefer to take long position in USD/CNY only above 6.8109, stop loss at 6.7887 and target of 6.8526.
