- USD/CNY is currently trading around 6.3384 marks.
- It made intraday high at 6.3398 and low at 6.3309 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3197 mark.
- A sustained close above 6.3339 marks will test key resistances at 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3339 will drag the parity down towards key supports at 6.3000, 6.2892, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
- 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.
- PBOC sets yuan mid-point at 6.3393 / dlr vs last close 6.3315.
We prefer to take long position on USD/CNY around 6.3350, stop loss 6.3197 and target of 6.3515/6.3625.
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