- USD/CNY is currently trading around 6.6791 marks.
- It made intraday high at 6.6945 and low at 6.6694 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.6915 marks will test key resistances at 6.7050, 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.6915 will drag the parity down towards key supports at 6.6650, 6.6540 and 6.6234 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 6.6850 / dlr vs last close 6.6943.
We prefer to take short position on USD/CNY around 6.6850, stop loss at 6.6950 and target of 6.6540.
