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- USD/CNY is currently trading around 7.0645 marks.
- It made intraday high at 7.0879 and low at 7.0569 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 7.09 mark.
- A sustained close above 7.0867 marks will test key resistances at 7.1152, 7.1476, 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 7.0867 will drag the parity down towards key supports at 7.0621, 7.0497, 7.0108, 6.97, 6.9297 and 6.88 marks respectively.
- 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.
- China trades balance USD stands at 39.65B vs 34.84B previous release (expected 33.30B).
We prefer to take short position on USD/CNY around 7.0750, stop loss at 7.09 and target 7.0108.
