FxWirePro: USD/CNY hits fresh 3-week low at 6.8879 mark, PBOC sets yuan mid-point at 6.8790
USD/CNY is currently trading around 6.8917 marks. It made intraday high at 6.8937 and low at 6.8879 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9000 marks. A sustained clos…
It made intraday high at 6.8937 and low at 6.8879 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9000 marks.
A sustained close above 6.8899 marks will test key resistances at 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8899 will drag the parity down towards key supports at 6.8907, 6.8823, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8790 / dlr vs last close 6.8970.
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.
