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- USD/CNY is currently trading around 7.0161 marks.
- It made intraday high at 7.0170 and low at 6.9363 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.9550 mark.
- A sustained close above 7.0123 marks will test key resistances at 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9550 will drag the parity down towards key supports at 6.9210, 6.90, 6.8658, 6.84 and 6.8222 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China’s Caixin manufacturing PMI stands at 51.1 pct vs 51.5 pct previous release (expected 51.0).
We prefer to take long position on USD/CNY around 6.9850, stop loss at 6.9210 and target of 7.07.
