FxWirePro: USD/CNY hovers around 6.30 mark, PBOC sets yuan mid-point at 6.3019

• USD/CNY is currently trading around 6.2960 marks.
   
• It made intraday high at 6.3095 and low at 6.2860 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.2840 mark.
   
• A sustained close above 6.3000 marks will test key resistances at 6.3188, 6.3305, 6.3649, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2840 will drag the parity down towards key supports at 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3019 / dlr vs last close 6.2990.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China Jan Caixin services PMI increase to 54.7 vs previous 53.9.

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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