USD/CNY is currently trading around 6.7799 marks. It made intraday high at 6.7904 and low at 6.7789 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.7962 marks. A sustained close above 6…
It made intraday high at 6.7904 and low at 6.7789 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.7962 marks.
A sustained close above 6.7834 marks will test key resistances at 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
Alternatively, a daily close below 6.7834 will drag the parity down towards key supports at 6.7764, 6.7590, 6.7346, 6.7250, 6.7050 and 6.6722 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
PBOC sets yuan mid-point at 6.7941 / dlr vs last close 6.7875.
We prefer to take short position on USD/CNY around 6.7820, stop loss at 6.7970 and target of 6.7590/6.7422.
