- 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 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.
