- USD/CNY is currently trading around 6.3889 marks.
- It made intraday high at 6.4041 and low at 6.3875 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.4175 marks.
- A sustained close above 6.4060 marks will test key resistances at 6.4175, 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
- Alternatively, a daily close below 6.4060 will drag the parity down towards key supports at 6.3875, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.4040 / dlr vs last close 6.4008.
We prefer to take short position on USD/CNY only below 6.3875, stop loss 6.4175 and target of 6.3654/6.3510.
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