- USD/CNY is currently trading around 6.6366 marks.
- It made intraday high at 6.6427 and low at 6.6344 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.6405 marks will test key resistances at 6.6464, 6.6513, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6210 will drag the parity down towards key supports at 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6282/ dlr vs last close 6.6378.
- 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 in USD/CNY only below 6.6210, stop loss at 6.6405 and target of 6.6018.
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