- USD/CNY is currently trading around 6.8002 marks.
- It made intraday high at 6.8099 and low at 6.7929 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.8440 marks.
- A sustained close above 6.8101 marks will test key resistances at 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
- Alternatively, a daily close below 6.8101 will drag the parity down towards key supports at 6.7887, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
- PBOC sets yuan mid-point at 6.8053/ dlr vs last close 6.8145.
We prefer to take short position in USD/CNY around 6.8050, stop loss at 6.8250 and target of 6.7867.
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