Chinese Yuan hits fresh 2- month gain against US dollar as PBoC again raised the Yuan fixing

• 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.