- USD/CNY is currently trading around 6.8606 marks.
- It made intraday high at 6.8730 and low at 6.8590 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8555 marks will test key resistances at 6.8638, 6.8774 and 6.8938 marks respectively.
- Alternatively, a daily close below 6.8555 will drag the parity down towards key supports at 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8488 / dlr vs last close 6.8557.
We prefer to take long position on USD/CNY around 6.8590, stop loss at 6.8420 and target of 6.8774.
