FxWirePro: Chinese yuan depreciates drastically against U.S. dollar, hits lowest level since Feb 2008

• USD/CNY is currently trading around 7.1460 marks.
   
• It made intraday high at 7.1477 and low at 7.0927 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 7.0927 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
   
• Alternatively, a daily close below 7.0927 will drag the parity down towards key supports at 7.0707, 7.0497, 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/CNY around 7.12, stop loss at 7.0707 and target 7.2095.