- USD/CNY is currently trading around 6.9460 marks.
- It made intraday high at 6.9488 and low at 6.9409 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.9026 mark.
- A sustained close above 6.9409 marks will test key resistances at 6.9637, 6.9778 and 6.9883 marks respectively.
- On the other side, a daily close below 6.9026 will drag the parity down towards key supports at 6.8983, 6.8770, 6.8510, 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.
- PBOC sets Yuan mid-point at 6.9508/ dollar vs last close 6.9478.
We prefer to go long on USD/CNY around 6.9420, stop loss at 6.9026 and target of 6.9637/6.9778.
