- USD/CNY is currently trading around 6.6713 marks.
- It made intraday high at 6.6726 and low at 6.6650 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6610 marks.
- On the top side, a sustained close above 6.6780 mark will test key resistances at 6.6873, 6.7017, 6.7583 and 6.8158 marks respectively.
- Alternatively, a daily close below 6.6610 will drag the parity down towards key supports at 6.6560, 6.6425, 6.6281, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
- PBOC sets Yuan mid-point at 6.6595/ dollar vs last close 6.6688.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.6700, stop loss 6.6610 and target 6.6805.
