FxWirePro: USD/CNY moves directionless since two weeks, PBOC sets yuan mid-point at 6.9391

• USD/CNY is currently trading around 6.9232 marks.
   
• It made intraday high at 6.9357 and low at 6.9223 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.9290 mark.
   
• A sustained close above 6.9617 marks will test key resistances at 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
   
• Alternatively, a daily close below 6.9247 will drag the parity down towards key supports at 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9391 / dlr vs last close 6.9280.

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.