FxWirePro: USD/CNY consolidates around 6.90 mark, PBOC sets yuan mid-point at 6.8936
USD/CNY is currently trading around 6.8990 marks. It made intraday high at 6.9133 and low at 6.8910 levels. Intraday bias remains neutral for the moment. A sustained close above 6.9075 marks will test key resistances at …
It made intraday high at 6.9133 and low at 6.8910 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.9075 marks will test key resistances at 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8730 will drag the parity down towards key supports at 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8936 / dlr vs last close 6.8920.
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.
