- USD/CNY is currently trading around 6.5509 marks.
- It made intraday high at 6.5527 and low at 6.5340 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.5008 marks.
- A sustained close above 6.5385 marks will test key resistances at 6.5580, 6.5749, 6.5858 and 6.6042 marks respectively.
- Alternatively, a daily close below 6.5385 will drag the parity down towards key supports at 6.5008, 6.4899, 6.4639, 6.4378, 6.4125 and 6.4017 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 6.5180 / dlr vs last close 6.5389.
We prefer to take long position on USD/CNY around 6.5480, stop loss 6.5250 and target of 6.5749.
