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- USD/CNY is currently trading around 6.2955 marks.
- It made intraday high at 6.2987 and low at 6.2840 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.2834 mark.
- A sustained close above 6.2840 marks will test key resistances at 6.3088, 6.3210, 6.3305, 6.3649, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.2840 will drag the parity down towards key supports at 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3045 / dlr vs last close 6.2865.
- 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.
- China Jan Caixin manufacturing PMI final stays flat at 51.5 (forecast 51.3 ) vs previous 51.5.
We prefer to take short position on USD/CNY only below 6.2834, stop loss 6.3125 and target of 6.2584.
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