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USD/CNY hovers around 6.5100 mark, intraday bias remains neutral

  • USDCNY is currently trading around 6.5097 levels.
     
  • It made intraday high at 6.5153 and low at 6.5050 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained break above 6.5195 will tests another resistance around 6.5374/6.5580 levels.
     
  • Alternatively, reversal from key resistance will drag the parity down around 6.4910/ 6.4682 marks.

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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