FxWirePro: USD/CNY hovers around 6.68 mark, PBOC sets yuan mid-point at 6.6820 per dollar
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 susta…
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.
