- USD/CNY is currently trading around 6.8628 marks.
- It made intraday high at 6.8661 and low at 6.8486 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8492 mark.
- A sustained close above 6.8685 marks will test key resistances at 6.8783, 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
- Alternatively, a daily close below 6.8492 will drag the parity down towards key supports at 6.8331, 6.8210, 6.80 and 6.7813 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- China sets yuan mid-point at strongest level since June 24, 2019.
- PBOC sets yuan mid-point at 6.8513/ dlr vs last close 6.8530.
We prefer to take long position on USD/CNY around 6.8550, stop loss at 6.8480 and target of 6.90.
