- USD/CNY is currently trading around 6.5984 marks.
- It made intraday high at 6.6028 and low at 6.5839 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.6373 mark.
- A sustained close above 6.6017 marks will test key resistances at 6.6210, 6.6373, 6.6464, 6.6513, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6017 will drag the parity down towards key supports at 6.5809, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6196/ dlr vs last close 6.6020.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/CNY around 6.6035, stop loss at 6.6373 and target of 6.5710.
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