USD/CNY is currently trading around 6.5869 marks. It made intraday high at 6.5890 and low at 6.5822 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.5943 levels. A sustained close above …
It made intraday high at 6.5890 and low at 6.5822 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.5943 levels.
A sustained close above 6.5930 marks will test key resistance at 6.6042 (January 07, 2016 high) marks.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.5798, 6.5735, 6.5510(20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend. Current downside movement is short term trend correction only.
PBOC sets Yuan mid-point at 6.5795 / dlr vs last close 6.5917.
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.
