- USD/CNY is currently trading around 6.8838 marks.
- It made intraday high at 6.8840 and low at 6.8802 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
- Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8649, 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/CNY around 6.8810, stop loss at 6.87 and target of 6.8924/6.90.
By Aarti Panchal