- USD/CNY is currently trading around 6.7336 marks.
- It made intraday high at 6.7529 and low at 6.7229 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.7529 marks will test key resistances at 6.7668, 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 6.7529 will drag the parity down towards key supports at 6.7222, 6.7118 and 6.7011 marks respectively.
- PBOC sets yuan mid-point at 6.7303/ dlr vs last close 6.7555.
- China yuan mid-point set at strongest level since October 18, 2016.
We prefer to take short position in USD/CNY around 6.7370, stop loss at 6.7586 and target of 6.7011.
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