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- USD/CNY is currently trading around 6.3937 marks.
- It made intraday high at 6.4017 and low at 6.3912 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.4178 mark.
- A sustained close above 6.3999 marks will test key resistances at 6.4178, 6.4289, 6.4510 and 6.4667 marks respectively.
- Alternatively, a daily close below 6.3999 will drag the parity down towards key supports at 6.3855, 6.3672 and 6.3380 marks respectively.
- PBOC sets yuan mid-point at 6.3916 / dlr vs last close 6.4084.
- 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 around 6.3980, stop loss 6.4140 and target of 6.3672.
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