- USD/CNY is currently trading around 6.8903 marks.
- It made intraday high at 6.8914 and low at 6.8809 levels.
- Intraday bias remains neutral till the time pair holds key support at 6.8835 mark.
- A sustained close above 6.9050 marks will test key resistances at 6.9268, 6.9540, 6.97, 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.8835 will drag the parity down towards key supports at 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.
We prefer to take long position on USD/CNY only above 6.9050, stop loss at 6.8800 and target of 6.9268.
