FxWirePro: USD/CNY remains well supported above 6.87 mark, PBOC sets yuan mid-point at 6.8856
USD/CNY is currently trading around 6.8859 marks. It made intraday high at 6.8930 and low at 6.8777 levels. Intraday bias remains bullish till the time pair holds key support at 6.8750 mark. A sustained close above 6.878…
It made intraday high at 6.8930 and low at 6.8777 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8750 mark.
A sustained close above 6.8784 marks will test key resistances at 6.8915, 6.8980, 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8784 will drag the parity down towards key supports at 6.8700, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8856/dollar vs last close 6.8804.
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.
