FxWirePro: Chinese Yuan hits fresh weekly high against US dollar, intraday bias remains bearish

• Pair is currently trading around 6.4740 marks.
   
• It made intraday high at 6.4963 and low at 6.4722 levels.
   
• Today PBOC sets Yuan mid-point at 6.4954 / dlr vs last close 6.4950.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.4910 levels.
   
• A daily close below 6.4736 will drag the parity down towards key supports at 6.4531 levels.
   
• On the other side, a sustained close above 6.4910 will test key resistances at 6.5182, 6.5525 and 6.5708 levels respectively.

We prefer to take short position in USD/CNY around 6.4750, stop loss 6.4910 and target 6.4531 levels.