FxWirePro: USD/CNY back above 6.92 mark, PBOC sets yuan mid-point at 6.9103
USD/CNY is currently trading around 6.9214 marks. It made intraday high at 6.9244 and low at 6.9101 levels. Intraday bias remains neutral till the time pair holds key resistance at 6.93 mark. A sustained close above 6.92…
It made intraday high at 6.9244 and low at 6.9101 levels.
Intraday bias remains neutral till the time pair holds key resistance at 6.93 mark.
A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9525, 6.9620 and 6.9850 marks respectively.
Alternatively, a daily close below 6.8898 will drag the parity down towards key supports at 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart
PBOC sets yuan mid-point at 6.9103 / dlr vs last close 6.9192.
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.
