- USD/CNY is currently trading around 6.3671 marks.
- It made intraday high at 6.3794 and low at 6.3671 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.3777 marks will test key resistances at 6.3855, 6.4017, 6.4178 and 6.4329 marks respectively.
- Alternatively, a daily close below 6.3777 will drag the parity down towards key supports at 6.3671, 6.3510, 6.3313, 6.3210, 6.3000 and 6.2892 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.
- PBOC sets yuan mid-point at 6.3745 / dlr vs last close 6.3725.
- China April house prices y/y decrease to 4.7 % vs previous 4.9 %.
We prefer to take long position on USD/CNY around 6.3570, stop loss 6.3510 and target of 6.3855/6.4017.
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