- USD/CNY is currently trading around 6.9511 marks.
- It made intraday high at 6.9650 and low at 6.9445 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 6.9590 mark.
- A sustained close above 6.9590 marks will test key resistances at 6.9650, 6.98, 6.9920, 7.0120 and 7.0388 marks respectively.
- Alternatively, a daily close below 6.9240 will drag the parity down towards key supports at 6.90, 6.8788, 6.8658, 6.84 and 6.8222 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/CNY around 6.9550, stop loss at 6.97 and target of 6.9240.
