FxWirePro: Chinese Yuan stabilises around 6.65 mark as PBoC sets Yuan midpoint at 6.6324 per dollar
USD/CNY is currently trading around 6.6489 marks. It made intraday high at 6.6520 and low at 6.6450 levels. Intraday bias remains bullish till the time pair holds key support at 6.6110 levels. On the top side, a sustaine…
It made intraday high at 6.6520 and low at 6.6450 levels.
Intraday bias remains bullish till the time pair holds key support at 6.6110 levels.
On the top side, a sustained close above 6.65 marks will test key resistance at 6.6784 and 6.6838 and 6.6963 marks respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
PBOC sets Yuan mid-point at 6.6324/ dollar vs last close 6.6514.
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.
