- USD/CNY is currently trading around 6.2846 marks.
- It made intraday high at 6.3007 and low at 6.2785 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.3000 marks will test key resistances at 6.3188, 6.3305, 6.3649, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.2840 will drag the parity down towards key supports at 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3072 / dlr vs last close 6.2940.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
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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