- USD/CNY is currently trading around 6.8970 marks.
- It made intraday high at 6.8982 and low at 6.8865 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.85 marks.
- On the top side, a sustained close above 6.89 marks will test key resistances at 6.9224, 6.9435 and 6.9637 marks respectively.
- Alternatively, a daily close below 6.85 will drag the parity down towards key supports at 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- PBOC sets Yuan mid-point at 6.8985/ dollar vs last close 6.8880.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/CNY around 6.8885, stop loss at 6.85 and target of 6.9224.
