- USD/CNY is currently trading around 6.9197 marks.
- It made intraday high at 6.9212 and low at 6.9157 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.8979 marks.
- A sustained close above 6.9297 marks will test key resistances at 6.94, 6.9525 and 6.9648 marks respectively.
- Alternatively, a daily close below 6.9113 will drag the parity down towards key supports at 6.9056, 6.8979, 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 6.8934/ dlr vs last close 6.9188.
We prefer to take long position on USD/CNY only above 6.9212, stop loss 6.91 and target of 6.9297/6.94.