- USD/CNY is currently trading around 6.6047 marks.
- It made intraday high at 6.6087 and low at 6.5966 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.5966 mark.
- A sustained close above 6.5966 marks will test key resistances at 6.6101, 6.6210, 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.5966 will drag the parity down towards key supports at 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.5944/ dlr vs last close 6.5975.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position on USD/CNY around 6.6000, stop loss 6.5950 and target of 6.6326.
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