FxWirePro: Chinese yaun weakens past 6.90 per U.S. dollar, PBOC sets yuan mid-point at 6.8856

• USD/CNY is currently trading around 6.9014 marks.
   
• It made intraday high at 6.9045 and low at 6.8869 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.8818 marks will test key resistances at 6.9088, 6.9245 and 6.9414 marks respectively.
   
• Alternatively, a daily close below 6.8818 will drag the parity down towards key supports at 6.8457, 6.8198, 6.8054, 6.7864, 6.7658 and 6.7373 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.8856 / dlr vs last close 6.8826.
   
• China sets yuan mid-point at weakest since May 12, 2017.
   
• China July 2018 house prices yy increase to 5.8 % vs previous 5 %.

We prefer to take long position on USD/CNY around 6.8950, stop loss 6.8457 and target of 6.9245/6.9338.