- USD/CNY is currently trading around 6.6091 marks.
- It made intraday high at 6.6122 and low at 6.5702 levels.
- Intraday bias remains bullish for the moment till the time pair holds key support at 6.5930 marks.
- On the top side, a sustained close above 6.5930 marks will test key resistance at 6.6152, 6.6230, 6.6278 and 6.6377 marks.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5930, 6.5710, 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
- Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
- PBOC sets Yuan mid-point at 6.5776/ dollar vs last close 6.5795.
We prefer to take long position in USD/CNY only above 6.6122, stop loss 6.5930 and target 6.6377 levels.
