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- USD/CNY is currently trading around 6.8685 marks.
- It made intraday high at 6.8710 and low at 6.8613 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.86 marks will test key resistances at 6.8823, 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.86 will drag the parity down towards key supports at 6.8550, 6.8449, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets Yuan mid-point at 6.8710/dollar vs last close 6.8715.
We prefer to take long position in USD/CNY only above 6.8710, stop loss at 6.86 and target of 6.8916/6.9032/6.9364.
