- USD/CNY is currently trading around 6.9143 marks.
- It made intraday high at 6.9158 and low at 6.9083 levels.
- Intraday bias remains neutral till the time pair holds key support at 6.8976 mark.
- A sustained close above 6.9181 marks will test key resistances at 6.9248, 6.94 and 6.9648 marks respectively.
- Alternatively, a daily close below 6.8979 will drag the parity down towards key supports at 6.8628, 6.8525, 6.8210, 6.80 and 6.7813 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 6.8945/ dlr vs last close 6.9090.
- China Central bank injects 500 bln yuan via one-year MLF.
- China Central bank keeps interest rate on one-year MLF unchanged at 3.30 pct.
We prefer to take long position on USD/CNY only above 6.92, stop loss 6.8976 and target of 6.9548.
