- USD/CNY is currently trading around 6.8278 marks.
- It made intraday high at 6.8313 and low at 6.8095 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.7980 marks.
- A sustained close above 6.8203 marks will test key resistances at 6.8420, 6.8557, 6.8774 and 6.8938 marks respectively.
- Alternatively, a daily close below 6.7980 will drag the parity down towards key supports at 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8183 / dlr vs last close 6.8235.
We prefer to take long position on USD/CNY around 6.8200, stop loss at 6.7980 and target of 6.8420/6.8774.
