- USD/CNY is currently trading around 6.8376 marks.
- It made intraday high at 6.8531 and low at 6.8344 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.8518 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
- Alternatively, a daily close below 6.8518 will drag the parity down towards key supports at 6.8317, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8526 / dlr vs last close 6.8548.
We prefer to take short position on USD/CNY around 6.84, stop loss at 6.8530 and target of 6.8020.
