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- USD/CNY is currently trading around 6.9655 marks.
- It made intraday high at 6.9824 and low at 6.9598 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.9810 marks will test key resistances at 7.0074, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9810 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China has agreed to make $50 billion in agricultural purchases in 2020 – U.S. Sources.
- PBOC sets yuan mid-point at 7.0156 / U.S. dollar vs last close 7.0280.
We prefer to take short position on USD/CNY around 6.98, stop loss at 7.0388 and target of 6.9525/6.9297.
