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- USD/CNY is currently trading around 6.7926 marks.
- It made intraday high at 6.8010 and low at 6.7769 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.7540 marks.
- On the top side, a sustained close above 6.7850 marks will test key resistances at 6.8025 and 6.8158 marks respectively.
- Alternatively, a daily close below 6.7540 will drag the parity down towards key supports at 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- PBOC sets Yuan mid-point at 6.7885/ dollar vs last close 6.7777.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.7850, stop loss at 6.7540 and target of 6.8025/6.8158.
