- USD/CNY is currently trading around 6.8829 marks.
- It made intraday high at 6.8860 and low at 6.8795 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
- Alternatively, a daily close below 6.8818 will drag the parity down towards key supports at 6.87, 6.8486, 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. Current downside movement is short term trend correction only.
Positioning is inconclusive at this point. We remain sideways for the time being for any buy/sell position.
