FxWirePro: Chinese yuan trades almost flat at 6.84 mark, PBOC sets yuan mid-point at 6.8271

• USD/CNY is currently trading around 6.8430 marks.
   
• It made intraday high at 6.8443 and low at 6.8380 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.8447 marks will test key resistances at 6.8545, 6.8775, 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
   
• Alternatively, a daily close below 6.8447 will drag the parity down towards key supports at 6.8300, 6.8198 and 6.8037 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 6.8271 / dlr vs last close 6.8513.

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.