USD/CNY is currently trading around 6.6314 marks. It made intraday high at 6.6398 and low at 6.6268 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 6.6510 marks. On the top side, a …
It made intraday high at 6.6398 and low at 6.6268 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 6.6510 marks.
On the top side, a sustained close above 6.6510 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, current down fall will drag the parity down towards key supports at 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
PBOC sets Yuan mid-point at 6.6277/ dollar vs last close 6.6401.
We prefer to take short position in USD/CNY only below 6.65, stop loss 6.6700 and target 6.6448/6.6340.
