FxWirePro: USD/CNY trades directionless on the back of ongoing trade talk between U.S. – China, PBOC sets yuan mid-point at 6.8571

• USD/CNY is currently trading around 6.8730 marks.
   
• It made intraday high at 6.8749 and low at 6.8694 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.8705 marks will test key resistances at 6.8792, 6.8810, 6.8938, 6.9050 and 6.9248 marks respectively.
   
• Alternatively, a daily close below 6.8420 will drag the parity down towards key supports at 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8571 / dlr vs last close 6.8610.

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.