- USD/CNY is currently trading around 6.9332 marks.
- It made intraday high at 6.9353 and low at 6.9024 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8983 mark.
- A sustained close above 6.9024 marks will test key resistances at 6.9353, 6.9435, 6.9637 and 6.9883 marks respectively.
- On the other side, a daily close below 6.8983 will drag the parity down towards key supports at 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 6.9289/ dollar vs last close 6.9070.
We prefer to go long on USD/CNY around 6.9250, stop loss at 6.8983 and target of 6.9637.
