FxWirePro: USD/CNY hovers around 6.88 mark, PBOC sets yuan mid-point at 6.8664
USD/CNY is currently trading around 6.8747 marks. It made intraday high at 6.8894 and low at 6.8667 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8800 marks will test key resist…
It made intraday high at 6.8894 and low at 6.8667 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8800 marks will test key resistances at 6.8886, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
Alternatively, a daily close below 6.8800 will drag the parity down towards key supports at 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets yuan mid-point at 6.8664 / dlr vs last close 6.8820.
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.
