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FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.7852

  • USD/CNY is currently trading around 6.7939 marks.

  • It made intraday high at 6.7942 and low at 6.7877 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 6.7887 marks will test key resistances at 6.7980, 6.8030, 6.8116, 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
     
  • Alternatively, a daily close below 6.7830 will drag the parity down towards key supports at 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
     
  • PBOC sets yuan mid-point at 6.7852/ dlr vs last close 6.7943.

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.

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