- USD/CNY is currently trading around 6.9133 marks.
- It made intraday high at 6.9175 and low at 6.8720 levels.
- Intraday bias remains bullish for the moment. .
- A daily close below 6.8870 will drag the parity down towards key supports at 6.8720, 6.8510 and 6.8449 marks respectively.
- On the other side, a sustained close above 6.89 marks will test key resistances at 6.9201, 6.9321, 6.9496, 6.9615, 6.9778 and 6.9883 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 6.8668/ dollar vs last close 6.8830.
We prefer to take long position in USD/CNY around 6.9050, stop loss 6.8720 and target of 6.9321/6.9496.
