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- USD/CNY is currently trading around 6.4109 marks.
- It made intraday high at 6.4130 and low at 6.3885 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3885 mark.
- A sustained close above 6.3989 marks will test key resistances at 6.4180, 6.4289, 6.4510 and 6.4667 marks respectively.
- Alternatively, a daily close below 6.3989 will drag the parity down towards key supports at 6.3855, 6.3672 and 6.3380 marks respectively.
- PBOC sets yuan mid-point at 6.4112 / dlr vs last close 6.4030.
- 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 long position on USD/CNY around 6.4085, stop loss 6.3855 and target of 6.4510.
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