- USD/CNY is currently trading around 6.9049 marks.
- It made intraday high at 6.9073 and low at 6.9003 levels.
- Intraday bias remains neutral till the time pair holds key support at 6.9049 mark.
- A sustained close above 6.9049 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.9049 will drag the parity down towards key supports at 6.8955, 6.8889, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.9071/dollar vs last close 6.9090.
We prefer to take long position in USD/CNY only above 6.9076, stop loss at 6.8889 and target of 6.9204/6.9336.
