- USD/CNY is currently trading around 6.8855 marks.
- It made intraday high at 6.8879 and low at 6.8778 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8950 marks will test key resistances at 6.9020, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
- Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8649, 6.8492, 6.8331, 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.
- China manufacturing PMI at 49.7 m/m vs 49.4 pct previous release.
- China non – manufacturing PMI at 53.7 m/m vs 54.2 pct previous release.
We prefer to take short position on USD/CNY only below 6.8700, stop loss at 6.8950 and target of 6.8492.
