USD/CNY is currently trading around 6.6438 marks. It made intraday high at 6.6565 and low at 6.6380 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.6659 marks. On the top side, a sustai…
It made intraday high at 6.6565 and low at 6.6380 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.6659 marks.
On the top side, a sustained close above 6.6659 mark will test key resistances at 6.6876, 6.7017, 6.7583 and 6.8158 marks respectively.
Alternatively, a daily close below 6.6400 will drag the parity down towards key supports at 6.6281, 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 6.6586/ dollar vs last close 6.6525.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in USD/CNY around 6.65, stop loss 6.6659 and target 6.6225.
