- USD/CNY is currently trading around 6.8779 marks.
- It made intraday high at 6.8793 and low at 6.8628 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8764 marks will test key resistances at 6.8805, 6.8868, 6.8976, 6.9050 and 6.9248 marks respectively.
- Alternatively, a daily close below 6.8764 will drag the parity down towards key supports at 6.8628, 6.8525, 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.
- PBOC sets yuan mid-point at 6.8365/ dlr vs last close 6.8799.
- China sets yuan mid-point at weakest level since Jan 8, 2019.
We prefer to take long position on USD/CNY around 6.87, stop loss at 6.8210 and target of 6.9050.
