- USD/CNY is currently trading around 6.9027 marks.
- It made intraday high at 6.9197 and low at 6.8998 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9237 marks.
- On the top side, a sustained close above 6.9130 marks will test key resistances at 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.91 will drag the parity down towards key supports at 6.8890, 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets Yuan mid-point at 6.9042/ dollar vs last close 6.9170.
We prefer to take long position in USD/CNY around 6.90, stop loss at 6.8890 and target of 6.9330/6.9637.
