- USD/CNY is currently trading around 6.9237 marks.
- It made intraday high at 6.9343 and low at 6.9175 levels.
- Intraday bias remains bullish for the moment. .
- A sustained close above 6.9175 marks will test key resistances at 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.9175 will drag the parity down towards key supports at 6.8983, 6.8720, 6.8510 and 6.8449 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 6.9262/ dollar vs last close 6.9330.
We prefer to take long position in USD/CNY around 6.92, stop loss 6.9175 and target of 6.9496.
