- USDCNY is currently trading at 6.4644 levels.
- It made intraday high at 6.4728 and low at 6.4628 levels.
- Intraday bias remains bearish for the moment.
- PBoC raised its fixing rate by the most since last November.
- A sustained break below 6.4590 will tests another support around 6.4525/6.4351 levels.
- Alternatively, reversal from key support will drag the parity back above 6.49 marks.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.