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FxWirePro: USD/CNY hovers around 6.88 mark, PBOC sets yuan mid-point at 6.8664

  • USD/CNY is currently trading around 6.8747 marks.
     
  • It made intraday high at 6.8894 and low at 6.8667 levels.
     
  • Intraday bias remains slightly bearish for the moment.
     
  • A sustained close above 6.8800 marks will test key resistances at 6.8886, 6.9120, 6.9210, 6.9396, 6.9525 and 6.9620 marks respectively.
     
  • Alternatively, a daily close below 6.8800 will drag the parity down towards key supports at 6.8525, 6.8348, 6.8210, 6.8095, 6.8020 and 6.7864 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 6.8664 / dlr vs last close 6.8820.

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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