- USD/CNY is currently trading around 6.9005 marks.
- It made intraday high at 6.9022 and low at 6.8990 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.9080 marks.
- A sustained close above 6.9080 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 6.9022 will drag the parity down towards key supports at 6.8937, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets yuan mid-point at 6.8948 / dlr vs last close 6.9025.
We prefer to take short position in USD/CNY around 6.9010, stop loss at 6.9080 and target of 6.8910.
