- USD/CNY is currently trading around 6.6345 marks.
- It made intraday high at 6.6371 and low at 6.6199 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6122 mark.
- A sustained close above 6.6199 marks will test key resistances at 6.6372, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6349 will drag the parity down towards key supports at 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6286/ dlr vs last close 6.6195.
- 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.
- China Jan - Oct non-financial outbound direct investment -40.9 pct y/y to $86.31 bln.
We prefer to take short position on USD/CNY only below 6.6199, stop loss at 6.6405 and target of 6.5839.
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