- USD/CNY is currently trading around 6.3229 marks.
- It made intraday high at 6.3649 and low at 6.3215 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.3649 mark.
- A sustained close above 6.3649 marks will test key resistances at 6.3855, 6.4017, 6.4178, 6.4289, 6.4510 and 6.4667 marks respectively.
- Alternatively, a daily close below 6.3649 will drag the parity down towards key supports at 6.3180, 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3724 / dlr vs last close 6.3590.
- 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 on USD/CNY around 6.3350, stop loss 6.3649 and target of 6.2765.
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