FxWirePro: Chinese yuan strengthens after China's president speech

• USD/CNY is currently trading around 6.6143 marks.
   
• It made intraday high at 6.6219 and low at 6.6054 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 6.6219 mark.
   
• A sustained close above 6.6219 marks will test key resistances at 6.6388, 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6219 will drag the parity down towards key supports at 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.5991/ dlr vs last close 6.6250.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China's president Xi - Will establish central leading group for law-based governance.
   
• China's president Xi - Will step up efforts to tackle infiltration, subversion, terrorism, separatism, religious extremism.
   
• China's president Xi - Will create a world class military.
   
• China's president Xi - The whole Chinese nation will oppose any efforts to split the country.

We prefer to take long position in USD/CNY only above 6.6220, stop loss at 6.5884 and target of 6.6550.

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