- USD/CNY is currently trading around 6.3103 marks.
- It made intraday high at 6.3116 and low at 6.3013 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3000 mark.
- A sustained close above 6.3034 marks will test key resistances at 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3034 will drag the parity down towards key supports at 6.2892, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
. - 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.
- PBOC sets yuan mid-point at 6.3066 / dlr vs last close 6.3073.
We prefer to take long position on USD/CNY around 6.3080, stop loss 6.3000 and target of 6.3320.
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