- USD/CNY is currently trading around 6.9145 marks.
- It made intraday high at 6.9151 and low at 6.9036 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.9052 marks will test key resistances at 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
- On the other side, a daily close below 6.8770 will drag the parity down towards key supports at 6.8731, 6.8510, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets Yuan mid-point at 6.9086/ dollar vs last close 6.9056.
We prefer to go long on USD/CNY around 6.91, stop loss at 6.8770 and target of 6.9330.
