- USD/CNY is currently trading around 6.7650 marks.
- It made intraday high at 6.7675 and low at 6.7445 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.7667 marks will test key resistances at 6.7787, 6.7899, 6.8210, 6.8525 and 6.8886 marks respectively.
- Alternatively, a daily close below 6.7530 will drag the parity down towards key supports at 6.7346, 6.7250, 6.7050 and 6.6722 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7592 / dlr vs last close 6.7580.
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.