FxWirePro: Chinese Yuan hits fresh weekly high against US dollar, intraday bias remains bearish
USDCNY is currently trading around 6.4645 levels. It made intraday high at 6.4770 and low at 6.4648 levels. The People's Bank of China set the midpoint rate at its strongest this year at 6.4612 per dollar prior to market…
It made intraday high at 6.4770 and low at 6.4648 levels.
The People's Bank of China set the midpoint rate at its strongest this year at 6.4612 per dollar prior to market open on Thursday, 0.35 percent firmer than the previous fix of 6.4841.
If the Chinese currency closes around the midday level, it would have climbed 0.4 percent for the quarter - its biggest quarterly gain since the quarter ended September 2014.
The Yuan is also set to finish 1.3 percent firmer for the month, the largest monthly gain in five years.
Intraday bias remains bearish for the moment.
A daily close below 6.4672 will drag the parity down towards key supports at 6.4526/6.4351/6.4155 marks.
Alternatively, reversal from key support will drag the parity up around 6.4910/ 6.5374/6.5580 levels.
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.
