FxWirePro: Chinese yuan erases previous gain against U.S. dollar, PBOC sets yuan mid-point at 6.8367

• USD/CNY is currently trading around 6.8669 marks.
   
• It made intraday high at 6.8732 and low at 6.8399 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.83 mark.
   
• A sustained close above 6.8450 marks will test key resistances at 6.8775, 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
   
• Alternatively, a daily close below 6.8417 will drag the parity down towards key supports at 6.8300, 6.8198 and 6.8037 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 6.8367 / dlr vs last close 6.8388.

We prefer to take long position on USD/CNY around 6.8650, stop loss at 6.83 and target of 6.8938.