- USD/CNY is currently trading around 6.3070 marks.
- It made intraday high at 6.3075 and low at 6.2849 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.2800 mark.
- A sustained close above 6.2950 marks will test key resistances at 6.3210, 6.3315, 6.3436, 6.3649, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.2850 will drag the parity down towards key supports at 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3001 / dlr.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position on USD/CNY only below 6.2800, stop loss at 6.3315 and target of 6.2584.
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