FxWirePro: Chinese Yuan depreciates as People's Bank of China sets Yuan reference rate higher

• USDCNY is currently trading around 6.5130 levels.
   
• It made intraday high at 6.5138 and low at 6.5035 levels.
   
• The People's Bank of China set the Yuan reference rate at 6.5150 today, up from Wednesday's midpoint of 6.4936, representing a Yuan devaluation of 0.33%.
   
• Intraday bias remains bullish for the moment.
   
• A current rebound from key support 6.4682 will drag the parity back above 6.5147/ 6.5508 marks.
   
• Alternatively, a sustained break below 6.4910 tests another support around 6.4525/6.4351 levels.

We prefer to take long position in USD/CNY only above 6.5147, stop loss 6.4910 and target 6.5354 levels.