FxWirePro: USD/CNY stabilizes around 6.95 mark, PBOC sets yuan mid-point at 6.9468

• USD/CNY is currently trading around 6.9509 marks.
   
• It made intraday high at 6.9580 and low at 6.9210 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 6.9602 mark. 
   
• A sustained close above 6.9570 marks will test key resistances at 6.9637, 6.9778 and 6.9883 marks respectively.
   
• On the other side, a daily close below 6.9500 will drag the parity down towards key supports at 6.9127, 6.9026, 6.9189, 6.8983, 6.8770, 6.8510, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.

• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

• PBOC sets Yuan mid-point at 6.9468/ dollar vs last close 6.9513.

We prefer to go long on USD/CNY only above 6.9570, stop loss at 6.9189 and target of 6.9637/6.9778.