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- USD/CNY is currently trading around 6.5130 marks.
- It made intraday high at 6.5175 and low at 6.5054 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.5054 mark.
- A sustained close above 6.5054 marks will test key resistances at 6.5175, 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
- Alternatively, a daily close below 6.5054 will drag the parity down towards key supports at 6.4973, 6.4732, 6.4535, 6.4426 and 6.4355 marks respectively.
- PBOC sets yuan mid-point at 6.5147/ dlr vs last close 6.5071.
- 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.
We prefer to take short position on USD/CNY only below 6.5054, stop loss 6.5210 and target of 6.4790.
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