FxWirePro: China's yuan strengthens to near 2-month high against U.S. dollar, PBOC sets yuan mid-point at 6.8695

• USD/CNY is currently trading around 6.8730 marks.


• It made intraday high at 6.8882 and low at 6.8687 levels.
   
• Intraday bias remains Bearish for the moment.


• A sustained close above 6.8882 marks will test key resistances at 6.8953, 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8882 will drag the parity down towards key supports at 6.8644, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets yuan mid-point at 6.8695/ dlr vs last close 6.8895.
   
• China's yuan strengthens to near 2-month high against U.S. dollar, traders say major state-owned banks seen selling dollars in onshore market.

We prefer to take short position in USD/CNY only below 6.8644, stop loss 6.8950 and target of 6.8465.