- USD/CNY is currently trading around 6.8140 marks.
- It made intraday high at 6.8253 and low at 6.8029 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8020 mark.
- A sustained close above 6.8020 marks will test key resistances at 6.8470, 6.8774, 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
- Alternatively, a daily close below 6.8020 will drag the parity down towards key supports at 6.8037, 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 6.8508 / dlr vs last close 6.8190.
We prefer to take short position on USD/CNY only below 6.8020, stop loss at 6.8470 and target of 6.7864.
