- USD/CNY is currently trading around 6.7518 marks.
- It made intraday high at 6.7739 and low at 6.7509 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.7905 marks.
- A sustained close above 6.7905 marks will test key resistances at 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
- Alternatively, a daily close below 6.7725 will drag the parity down towards key supports at 6.7510, 6.7422, 6.7180, 6.7050, 6.6722 and 6.6422 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7675 / dlr vs last close 6.7715.
We prefer to take short position on USD/CNY around 6.7550, stop loss at 6.8072 and target of 6.7422/6.7180.
