- USD/CNY is currently trading around 6.2914 marks.
- It made intraday high at 6.3040 and low at 6.2914 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 6.3160 marks.
- A sustained close above 6.2954 marks will test key resistances at 6.3160, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.2954 will drag the parity down towards key supports at 6.2681, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3046 / dlr.
- 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 on USD/CNY only below 6.2680, stop loss 6.3110 and target of 6.2420.
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