USD/CNY remains well supported below 6.5370, Chinese markets slums

• Pair is currently trading at 6.5335 levels.
   
• It made intraday high at 6.5354 and low at 6.5310 levels.
   
• The Shanghai Composite index slumped 5.66% to trade at 2,763.07, while the Shenzhen Composite index dived 7.11% to 1,743.05. The CSI 300 index declined 6.08% to 2,919.31.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 6.5821 levels will take the bias bullish again.
   
• Alternatively, current downfall will take the parity around 6.4925 levels.
   
• Pair likely to consolidates below 6.5543 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.