FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.9449
USD/CNY is currently trading around 6.9430 marks. It made intraday high at 6.9496 and low at 6.9422 levels. Intraday bias remains neutral till the time pair holds key support at 6.9290 mark. A sustained close above 6.944…
It made intraday high at 6.9496 and low at 6.9422 levels.
Intraday bias remains neutral till the time pair holds key support at 6.9290 mark.
A sustained close above 6.9447 marks will test key resistances at 6.9525, 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
Alternatively, a daily close below 6.9447 will drag the parity down towards key supports at 6.9290, 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 6.9449 / dlr vs last close 6.9455.
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.
