Fxwirepro: Chinese Yuan Continues to Trade Lower As Pboc sets Yuan Midpoint at Lowest Level Since December 2010 for a Second

• USD/CNY is currently trading around 6.6542 marks.
   
• It made intraday high at 6.6548 and low at 6.6365 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.6110 levels.
   
• On the top side, a sustained close above 6.65 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 6.6110, 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 6.6528/ dollar vs last close 6.6585.

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.

The material has been provided by InstaForex Company – www.instaforex.com