- USD/CNY is currently trading around 6.6845 marks.
- It made intraday high at 6.6900 and low at 6.6753 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 6.6923 levels.
- On the top side, a sustained close above 6.69 mark will test key resistances at 6.6963, 6.7583 and 6.8158 marks respectively.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6753, 6.6453, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 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. Current downside movement is short term trend correction only.
- PBOC sets Yuan mid-point at 6.6820/ dollar vs last close 6.6959.
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.
