- USD/CNY is currently trading around 6.8725 marks.
- It made intraday high at 6.8783 and low at 6.8644 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.8600 mark.
- A sustained close above 6.8644 marks will test key resistances at 6.88, 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close
below 6.8644 will drag the parity down towards key supports at 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.8814/dollar vs last close 6.8700.
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.
