USD/CNY is currently trading around 6.8980 marks. It made intraday high at 6.9075 and low at 6.8953 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.9210 marks. A sustained close above 6…
It made intraday high at 6.9075 and low at 6.8953 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.9210 marks.
A sustained close above 6.9049 marks will test key resistances at 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.9049 will drag the parity down towards key supports at 6.8886, 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8908 / dlr vs last close 6.9100.
We prefer to take short position on USD/CNY around 6.90, stop loss at 6.9210 and target of 6.8525.
