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- USD/CNY is currently trading around 6.7916 marks.
- It made intraday high at 6.8048 and low at 6.7880 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.7966 marks will test key resistances at 6.8245, 6.8324, 6.8548 and 6.8705 marks respectively.
- Alternatively, a daily close below 6.7966 will drag the parity down towards key supports at 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8040 / dlr vs last close 6.8041.
We prefer to take long position on USD/CNY only above 6.8050, stop loss 6.7658 and target of 6.8548.
