Pair is currently supported above 6.51 marks and trading around 6.5125 levels.
- It made intraday high at 6.5175 and low at 6.5095 levels.
- Intraday bias remains bearish for the moment.
- A daily close below 6.5072 will drag the parity towards key support area at 6.4910/ 6.4736 levels.
- Alternatively, a reversal from 6.4910 will take the parity back above 6.56 levels.
- China will release industrial production as well as retail sales data on coming Saturday. This will provide further direction to the parity.
We prefer to take short position in USD/CNY around 6.5150, stop loss 6.5273 and target 6.4910/ 6.4736 levels.
