FxWirePro: USD/CNY consolidates around 6.6135 mark, bias remains neutral

• USD/CNY is currently trading around 6.6156 marks.
   
• It made intraday high at 6.6211 and low at 6.6146 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.6210 mark.
   
• A sustained close above 6.6210 marks will test key resistances at 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6198 will drag the parity down towards key supports at 6.6135, 6.6055, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6152/ dlr vs last close 6.6240.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• China Nov fiscal revenues -1.4 pct yr/yr.
   
• China Nov fiscal expenditures -9.1 pct yr/yr.

We prefer to take long position on USD/CNY only above 6.6210, stop loss 6.6055 and target of 6.6326/6.6405.

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