- USD/CNY is currently trading around 6.6404 marks.
- It made intraday high at 6.6436 and low at 6.6310 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6255 mark.
- A sustained close above 6.6334 marks will test key resistances at 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6334 will drag the parity down towards key supports at 6.6255, 6.6184, 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6322/ dlr vs last close 6.6330.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/CNY around 6.6330, stop loss at 6.6400 and target of 6.6010.
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