- USD/CNY is currently trading around 6.6566 marks.
- It made intraday high at 6.6580 and low at 6.6387 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6295 mark.
- A sustained close above 6.6424 marks will test key resistances at 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6424 will drag the parity down towards key supports at 6.6295, 6.6124, 6.5895, 6.5729, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6285/ dlr vs last close 6.6425.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/CNY around 6.6488, stop loss at 6.6295 and target of 6.6673/6.6735.
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