- USD/CNY is currently trading around 6.7047 marks.
- It made intraday high at 6.7063 and low at 6.6849 levels.
- Intraday bias remains neutral till the time pair holds key support at 6.6700 marks.
- A sustained close above 6.7050 marks will test key resistances at 6.7150, 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.6770 will drag the parity down towards key supports at 6.6650, 6.6540 and 6.62 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7049 / dlr vs last close 6.7078.
We prefer to take long position on USD/CNY only above 6.71, stop loss at 6.6850 and target of 6.7422.
