FxWirePro: Chinese yuan erases previous loss against U.S. dollar, PBOC sets yuan mid-point at 6.7868

• USD/CNY is currently trading around 6.7887 marks.
   
• It made intraday high at 6.8009 and low at 6.7858 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.8070 mark.
   
• A sustained close above 6.8024 marks will test key resistances at 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively
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• Alternatively, a daily close below 6.8024 will drag the parity down towards key supports at 6.7757, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
   
• PBOC sets yuan mid-point at 6.7868/ dlr vs last close 6.8012.

We prefer to take short position in USD/CNY around 6.7950, stop loss at 6.8070 and target of 6.7757.

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