FxWirePro: USD/CNY Hovers Around 6.66 Mark, PBPC Sets Yuan Midpoint at 6.6472 Per Dollar

FxWirePro: USD/CNY Hovers Around 6.66 Mark, PBPC Sets Yuan Midpoint at 6.6472 Per Dollar

4 July 2016, 09:45
Roberto Jacobs
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FxWirePro: USD/CNY Hovers Around 6.66 Mark, PBPC Sets Yuan Midpoint at 6.6472 Per Dollar

  • USD/CNY is currently trading around 6.6595 marks. 
  • It made intraday high at 6.6601 and low at 6.6495 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 6.66 mark will test key resistances 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 6.6453, 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 6.6472/ dollar vs last close 6.6575.

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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