- USD/CNY is currently trading around 6.6788 marks.
- It made intraday high at 6.6876 and low at 6.6715 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6685 marks.
- On the top side, a sustained close above 6.7017 mark will tests key resistances at 6.7583 and 6.8158 marks respectively.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 6.6685, 6.6530, 6.6448, 6.6340, 6.6110, 6.6042, 6.5930, 6.5710, 6.5510 (20D EMA), 6.5369, 6.5758, 6.4910, 6.4721 and 6.4531 levels.
- Important to note here that, 20D EMA, 30D and 55D EMA heads up, which confirms bullish trend in a daily chart.
- PBOC sets Yuan mid-point at 6.6860/ dollar vs last close 6.6800.
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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