FxWirePro: Chinese yuan appreciates against U.S. dollar, PBOC sets yuan mid-point at 6.4335

• USD/CNY is currently trading around 6.4366 marks.
   
• It made intraday high at 6.4415 and low at 6.4185 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.4510 mark.
   
• A sustained close above 6.4394 marks will test key resistances at 6.4510, 6.4667, 6.4855, 6.5045, 6.5175, 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
   
• Alternatively, a daily close below 6.4394 will drag the parity down towards key supports at 6.4167, 6.3855 and 6.3380 marks respectively.
   
• PBOC sets yuan mid-point at 6.4335 / dlr vs last close 6.4369.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 6.4360, stop loss 6.4450 and target of 6.3855.

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