FxWirePro: Chinese yuan depreciates as Caixin services PMI data stays flat, PBOC sets yuan mid-point at 6.4157

• USD/CNY is currently trading around 6.4082 marks.
   
• It made intraday high at 6.4125 and low at 6.4049 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 6.4049 marks.
   
• A sustained close above 6.4049 marks will test key resistances at 6.4175, 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
   
• Alternatively, a daily close below 6.4049 will drag the parity down towards key supports at 6.3979, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 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 6.4157 / dlr vs last close 6.4027.
   
• China May Caixin services PMI stays flat at 52.9 vs previous 52.9.

We prefer to take short position on USD/CNY only below 6.4049, stop loss 6.4175 and target of 6.3750.

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