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 6.864…
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.
