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- USD/CNY is currently trading around 6.8554 marks.
- It made intraday high at 6.8774 and low at 6.8444 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 6.8739 marks will test key resistances at 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
- Alternatively, a daily close below 6.8739 will drag the parity down towards key supports at 6.8457, 6.8300, 6.8198 and 6.8037 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.8718 / dlr vs last close 6.8865.
We prefer to take short position on USD/CNY around 6.8570, stop loss at 6.8800 and target of 6.8198.
