- USD/CNY is currently trading around 6.8171 marks.
- It made intraday high at 6.8201 and low at 6.8065 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8145 marks will test key resistances at 6.8210, 6.8470, 6.8774 and 6.8938 marks respectively.
- Alternatively, a daily close below 6.8145 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 6.8052 / dlr vs last close 6.8160.
We prefer to take long position on USD/CNY only above 6.8250, stop loss at 6.8037 and target of 6.8470.
