- USD/CNY is currently trading around 6.8115 marks.
- It made intraday high at 6.8173 and low at 6.7990 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8145 marks will test key resistances at 6.8210, 6.8470, 6.8774 and 6.8938 marks respectively.
- Alternatively, a daily close below 6.8000 will drag the parity down towards key supports at 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- PBOC sets yuan mid-point at 6.8072 / dlr vs last close 6.8030.
We prefer to take short position on USD/CNY only below 6.7980, stop loss at 6.8210 and target of 6.7510.
