FxWirePro: China’s yuan reverses previous gain, PBOC sets yuan mid-point at 6.8472
USD/CNY is currently trading around 6.8761 marks. It made intraday high at 6.8776 and low at 6.8331 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 6.8519 marks will test key resist…
It made intraday high at 6.8776 and low at 6.8331 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 6.8519 marks will test key resistances at 6.8749, 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8519 will drag the parity down towards key supports at 6.8210, 6.80 and 6.7813 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
PBOC sets yuan mid-point at 6.8472/ dlr vs last close 6.8523.
Positioning is inconclusive at this point. We stay neutal for the time being.
