- 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.