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FxWirePro: USD/CNY hovers around 6.56 marks, a sustain break above targets 6.5790

  • USD/CNY is currently trading around 6.5605 marks.
     
  • It made intraday high at 6.5608 and low at 6.5538 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.5470 levels.
     
  • A sustained close above 6.5629 marks will test key resistance at 6.5708 (50D EMA), 6.5790 levels respectively.
     
  • Alternatively, a daily close below 6.5475 will drag the parity down towards key supports at 6.5369, 6.5758, 6.4910, 6.4721, 6.4531 levels.
     
  • In addition, 20D EMA has crossed over 30D and 55D EMA, which confirms bullish trend.
     
  • PBOC sets Yuan mid-point at 6.5552 / dlr vs last close 6.5604.

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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