FxWirePro: USD/CNY exhibits range bound movement; PBOC sets yuan mid-point at 6.8731

• USD/CNY is currently trading around 6.8798 marks.
   
• It made intraday high at 6.8855 and low at 6.8739 levels.
   
• Intraday bias remains neutral for the moment.  
   
• A sustained close above 6.88 marks will test key resistances at 6.8960, 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
   
• On the other side, a daily close below 6.8780 will drag the parity down towards key supports at 6.87, 6.8570, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
   
• 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 6.8731/ dollar vs last close 6.8720.
   
• China’s November trade balance USD decreases to 44.61 bln $ (forecast 46.30 bln $) vs previous 49.06 bln $.
   
• China’s November exports y/y increases to 0.1 % (forecast -5 %) vs previous -7.3 %.
   
• China’s November imports y/y increases to 6.7 % (forecast -1.3 %) vs previous -1.4 %.

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.