FxWirePro: USD/CNY hovers around 6.59 mark as PBOC set Yuan midpoint at lowest level against U.S. dollar since January 2011

• USD/CNY is currently trading around 6.5898 marks.
   
• It made intraday high at 6.5895 and low at 6.5822 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5711 levels.
   
• A sustained close above 6.5930 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
   
• Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5798, 6.5711, 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
   
• Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend.
   
• PBOC sets Yuan mid-point at 6.6601 / dlr vs last close 6.5966.
   
• In addition, PBOC said, China's current Fx reserves level generally within appropriate range and size of Fx reserves affected by central bank market operations, changes in asset prices, currency rates.

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.