FxWirePro: USD/CNY consolidates around 6.77 mark, PBOC sets yuan mid-point at 6.7592
USD/CNY is currently trading around 6.7650 marks. It made intraday high at 6.7675 and low at 6.7445 levels. Intraday bias remains bullish for the moment. A sustained close above 6.7667 marks will test key resistances at …
It made intraday high at 6.7675 and low at 6.7445 levels.
Intraday bias remains bullish for the moment.
A sustained close above 6.7667 marks will test key resistances at 6.7787, 6.7899, 6.8210, 6.8525 and 6.8886 marks respectively.
Alternatively, a daily close below 6.7530 will drag the parity down towards key supports at 6.7346, 6.7250, 6.7050 and 6.6722 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 6.7592 / dlr vs last close 6.7580.
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.
