- USD/CNY is currently trading around 6.6895 marks.
- It made intraday high at 6.7020 and low at 6.6763 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.6801 marks will test key resistances at 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
- Alternatively, a daily close below 6.6801 will drag the parity down towards key supports at 6.6661, 6.6340, 6.6170, 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6726 / dlr vs last close 6.6750.
- Shanghai composite index to open down 0.2 pct at 2,771.04 points and China's CSI300 index to open down 0.1 pct at 3,403.33 points.
- PBOC yuan midpoint has biggest one-day percentage decline since January 9, 2017.
We prefer to take long position on USD/CNY around 6.6820, stop loss 6.6750 and target of 6.7167/6.7310.
