FxWirePro: USD/CNY trades flat at 6.93 mark, PBOC sets yuan mid-point at 6.9236
USD/CNY is currently trading around 6.9309 marks. It made intraday high at 6.9337 and 1low at 6.9290 levels. Intraday bias remains neutral for the moment. A sustained close above 6.9366 marks will test key resistances at…
It made intraday high at 6.9337 and 1low at 6.9290 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.9366 marks will test key resistances at 6.9456, 6.9525, 6.9620 and 6.9850 marks respectively.
Alternatively, a daily close below 6.9290 will drag the parity down towards key supports at 6.9210, 6.8898, 6.8670, 6.8420, 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 6.9236 / dlr vs last close 6.9290.
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.
