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- USD/CNY is currently trading around 6.6631 marks.
- It made intraday high at 6.6637 and low at 6.6520 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6459 mark.
- A sustained close above 6.6570 marks will test key resistances at 6.6735, 6.6814, 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668 and 6.7776 marks respectively.
- Alternatively, a daily close below 6.6570 will drag the parity down towards key supports at 6.6459, 6.6378 and 6.6220 marks respectively.
- PBOC sets yuan mid-point at 6.6525/ dlr vs last close 6.6575.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.66, stop loss at 6.6510 and target of 6.6735.
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