FxWirePro: USD/CNY back above 6.85 mark, PBOC sets yuan mid-point at 6.8402

• USD/CNY is currently trading around 6.8558 marks.
   
• It made intraday high at 6.8581 and low at 6.8434 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.8500 marks will test key resistances at 6.8886, 6.9075, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
   
• Alternatively, a daily close below 6.8500 will drag the parity down towards key supports at 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.8402 / dlr vs last close 6.8505.

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.