- USD/CNY is currently trading around 6.9214 marks.
- It made intraday high at 6.9244 and low at 6.9101 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 6.93 mark.
- A sustained close above 6.9289 marks will test key resistances at 6.9347, 6.9525, 6.9620 and 6.9850 marks respectively.
- Alternatively, a daily close below 6.8898 will drag the parity down towards key supports at 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 6.9103 / dlr vs last close 6.9192.
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.