FxWirePro: China’s yuan weakens to 6.7959 mark in early Asia, weakest level since Jan 23

• USD/CNY is currently trading around 6.7848 marks.
   
• It made intraday high at 6.7959 and low at 6.7345 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.7905 marks will test key resistances at 6.8072, 6.8224, 6.8530 and 6.87 marks respectively.
   
• Alternatively, a daily close below 6.7280 will drag the parity down towards key supports at 6.7210, 6.7000, 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7344/ dlr vs last close 6.7350.
   
• China April 2019 caixin services PMI increase to 54.5 vs previous 54.4.

We prefer to take long position on USD/CNY around 6.77, stop loss at 6.7210 and target of 6.8530.