FxWirePro: Chinese Yuan hits fresh monthly low against US dollar, good to buy on dips

• USD/CNY is currently trading around 6.5420 marks.
   
• It made intraday high at 6.5463 and low at 6.5369 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5170 levels.
   
• A sustained close above 6.5510 marks will test key resistances at 6.5525(March 02, 2016 high) and 6.5708(50D EMA) levels respectively.
   
• Alternatively, a daily close below 6.5170 will drag the parity down towards key supports at 6.4910, 6.4721, 6.4531 levels.
   
• In addition, 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend.

We prefer to take long position in USD/CNY around 6.5382, stop loss 6.5170 and target 6.5525/ 6.5708 levels.