- USD/CNY is currently trading around 6.7614 marks.
- It made intraday high at 6.7668 and low at 6.7594 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.7700 mark.
- A sustained close above 6.7700 marks will test key resistances at 6.7757, 6.7842, 6.8009, 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 and 6.9080 marks respectively.
- Alternatively, a daily close below 6.7662 will drag the parity down towards key supports at 6.7558, 6.7510, 6.7449, 6.7403, 6.7222 and 6.7118 marks respectively.
- PBOC sets yuan mid-point at 6.7410/ dlr vs last close 6.7661.
We prefer to take short position in USD/CNY around 6.7625, stop loss at 6.7700 and target of 6.7510.
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