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- USD/CNY is currently trading around 6.4309 marks.
- It made intraday high at 6.4667 and low at 6.4167 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.4600 mark.
- A sustained close above 6.4600 marks will test key resistances at 6.5045, 6.5175, 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
- Alternatively, a daily close below 6.4600 will drag the parity down towards key supports at 6.4167, 6.3855 and 6.3380 marks respectively.
- PBOC sets yuan mid-point at 6.4372, strongest level since December 11, 2015.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/CNY around 6.4350, stop loss 6.4667 and target of 6.3855.
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