USD/CNY is currently trading around 6.8360 marks. It made intraday high at 6.8454 and low at 6.8334 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8705 marks will test key resist…
It made intraday high at 6.8454 and low at 6.8334 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8705 marks will test key resistances at 6.8792, 6.8810, 6.8938, 6.9050 and 6.9248 marks respectively.
Alternatively, a daily close below 6.8420 will drag the parity down towards key supports at 6.8215, 6.7980, 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. Current downside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.8357 / dlr vs last close 6.8460.
We prefer to take short position on USD/CNY around 6.84, stop loss at 6.8570 and target of 6.8215.
