- USD/CNY is currently trading around 6.7589 marks.
- It made intraday high at 6.7689 and low at 6.7563 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.7757 mark.
- A sustained close above 6.7689 marks will test key resistances at 6.7757, 6.7842, 6.8009, 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
- Alternatively, a daily close below 6.7689 will drag the parity down towards key supports at 6.7520, 6.7436 and 6.7222 marks respectively.
- China June house prices y/y decrease to 10.2 % vs previous 10.4 %.
- PBOC sets yuan mid-point at 6.7611/ dlr vs last close 6.7718.
We prefer to take short position in USD/CNY around 6.7600, stop loss at 6.7757 and target of 6.7520.
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