- USD/CNY is currently trading around 6.3249 marks.
- It made intraday high at 6.3330 and low at 6.3225 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.3249 marks will test key resistances at 6.3330, 6.3436, 6.3649, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.2950 will drag the parity down towards key supports at 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3247 / dlr.
- 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 on USD/CNY only above 6.3400, stop loss at 6.2800 and target of 6.3855.
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