- USD/CNY is currently trading around 6.6612 marks.
- It made intraday high at 6.6700 and low at 6.6525 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.6805 marks.
- On the top side, a sustained close above 6.6876 mark will tests key resistances at 6.7017, 6.7583 and 6.8158 marks respectively.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6525, 6.6448, 6.6340, 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 6.6597/ dollar vs last close 6.6700.
We prefer to take short position in USD/CNY around 6.6625, stop loss 6.6700 and target 6.6525/6.6448.
