- USD/CNY is currently trading around 6.7722 marks.
- It made intraday high at 6.7795 and low at 6.7601 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.7601 marks will test key resistances at 6.8072, 6.8224, 6.8530 and 6.87 marks respectively.
- Alternatively, a daily close below 6.7601 will drag the parity down towards key supports at 6.7422, 6.7345, 6.7210, 6.7000 and 6.6853 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7614/ dlr vs last close 6.7622.
We prefer to take short position on USD/CNY only below 6.7601, stop loss at 6.78 and target of 6.7210.
