- USD/CNY is currently trading around 6.3451 marks.
- It made intraday high at 6.3495 and low at 6.3341 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.3564 marks will test key resistances at 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3490 will drag the parity down towards key supports at 6.3286, 6.3168, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3386 / dlr.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/CNY only below 6.3286, stop loss at 6.3525 and target of 6.2942/6.2584.
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