- USD/CNY is currently trading around 6.6671 marks.
- It made intraday high at 6.6732 and low at 6.6518 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.6653 marks will test key resistances at 6.6801, 6.7020, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
- Alternatively, a daily close below 6.6653 will drag the parity down towards key supports at 6.6340, 6.6170, 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- China June 2018 exports yy increase to 11.3 (forecast 10 ).
- China June 2018 imports yy increase to 14.1 (forecast 20.8 ).
- China June 2018 trade balance usd increase to 41.61 bln (forecast 27.61 bln).
- PBOC sets yuan mid-point at 6.6727 / dlr vs last close 6.6730.
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.
