FxWirePro: Chinese yaun remains unchanged despite Fitch’s ‘A+’ rating

• USD/CNY is currently trading around 6.3332 marks.
   
• It made intraday high at 6.3340 and low at 6.3301 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.3565 marks will test key resistances at 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3110 will drag the parity down towards key supports at 6.3005, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3396 / dlr.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Fitch affirms China at 'A+'; outlook stable.
   
• Fitch - China's ratings are supported by the strength of its external finances and track record of delivering stable growth and low inflation.
   
• Fitch - Implication for economic policy from president xi jinping's consolidation of power remains uncertain.
   
• Fitch on China - Forecasts real GDP growth will slow to 6.5% in 2018 and 6.1% in 2019.

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.

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