- USD/CNY is currently trading around 6.3212 marks.
- It made intraday high at 6.3302 and low at 6.3102 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.3092 mark.
- A sustained close above 6.3092 marks will test key resistances at 6.3338, 6.3450, 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3092 will drag the parity down towards key supports at 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3294 / 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 around 6.3245, stop loss at 6.3500 and target of 6.2942/6.2584.
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