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- USD/CNY is currently trading around 7.0860 marks.
- It made intraday high at 7.0972 and low at 7.0852 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 7.1050 mark.
- A sustained close above 7.0965 marks will test key resistances at 7.1152, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 7.0850 will drag the parity down towards key supports at 7.0658, 7.0497, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC interest rate stands at 4.20 pct vs 4.25 pct previous release.
We prefer to take short position on USD/CNY around 7.09, stop loss 7.1050 and target of 7.0497/7.0108.
