- USD/CNY is currently trading around 6.9115 marks.
- It made intraday high at 6.9157 and low at 6.9099 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 6.9130 mark.
- A sustained close above 6.9130 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.9130 will drag the parity down towards key supports at 6.9039, 6.8964, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.9115/dollar vs last close 6.9139.
We prefer to take long position in USD/CNY only above 6.9130, stop loss at 6.9039 and target of 6.9336.
