FxWirePro: USD/CNY Hovers Around 6.65 Mark, PBOC Sets Yuan Midpoint at 6.6496 Per Dollar
- USD/CNY is currently trading around 6.6510 marks.
- It made intraday high at 6.6519 and low at 6.6453 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6330/6.6110 levels.
- On the top side, a sustained close above 6.6524 marks will test key resistance at 6.6784 and 6.6838 and 6.6963 marks respectively.
- Alternatively, reversal from key resistance will drag the parity down towards key supports at 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.
- PBOC sets Yuan mid-point at 6.6496/ dollar vs last close 6.6480.
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.