FxWirePro: USD/CNY trades in rigid boundaries, PBOC sets yuan mid-point at 6.6277

• USD/CNY is currently trading around 6.6289 marks.
   
• It made intraday high at 6.6295 and low at 6.6219 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.6272 marks will test key resistances at 6.6372, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6272 will drag the parity down towards key supports at 6.6210, 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6277/ dlr vs last close 6.6283.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

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.

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