FxWirePro: China’s yuan rises remarkably against U.S. dollar, hits strongest level since May 13

• USD/CNY is currently trading around 6.8624 marks.
   
• It made intraday high at 6.8995 and low at 6.8615 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.9000 marks.
   
• A sustained close above 6.8995 marks will test key resistances at 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
   
• Alternatively, a daily close below 6.8759 will drag the parity down towards key supports at 6.8525, 6.8210, 6.80 and 6.7813 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• PBOC sets yuan mid-point at 6.8805/ dlr vs last close 6.9033.
   

We prefer to take short position on USD/CNY around 6.8750, stop loss 6.9000 and target of 6.8525/6.8423/6.8210.