- USD/CNY is currently trading around 6.8485 marks.
- It made intraday high at 6.8574 and low at 6.8378 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.8513 marks will test key resistances at 6.8764, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.8513 will drag the parity down towards key supports at 6.8449, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- 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 6.8331/dollar vs last close 6.8540.
We prefer to take short position in USD/CNY around 6.8560, stop loss at 6.8764 and target of 6.8298.
