- USD/CNY is currently trading around 6.9353 marks.
- It made intraday high at 6.9415 and low at 6.9245 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.9210 mark.
- A sustained close above 6.9240 marks will test key resistances at 6.9450, 6.9525, 6.98, 6.9920, 7.0120 and 7.0388 marks respectively.
- Alternatively, a daily close below 6.9210 will drag the parity down towards key supports at 6.90, 6.8788, 6.8658, 6.84 and 6.8222 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position on USD/CNY only below 6.9210, stop loss at 6.9525 and target of 6.90/6.8788.
