- USD/CNY is currently trading around 6.6858 marks.
- It made intraday high at 6.6918 and low at 6.6833 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6750 levels.
- On the top side, a sustained close above 6.6923 mark will tests key resistances at 6.6963, 6.7583 and 6.8158 marks respectively.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6710, 6.6448, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
- Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
- PBOC sets Yuan mid-point at 6.6950/ dollar vs last close 6.6933.
We prefer to take long position in ISD/CNY only above 6.6923, stop loss 6.6710 and target 6.7583 marks.
