FxWirePro: Chinese yaun trades flat at 6.9375 mark, PBOC sets yuan mid-point at 6.9377

• USD/CNY is currently trading around 6.9378 marks.
   
• It made intraday high at 6.9422 and low at 6.9293 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.9380 marks will test key resistances at 6.9525, 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively
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• Alternatively, a daily close below 6.9380 will drag the parity down towards key supports at 6.9320, 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• PBOC sets yuan mid-point at 6.9377 / dlr vs last close 6.9380.

We prefer to take short position on USD/CNY only below 6.9290, stop loss at 6.9510 and target of 6.9210/6.90.