FxWirePro: Chinese yuan erases previous loss against U.S. dollar, bias turns bearish again

• USD/CNY is currently trading around 7.0096 marks.
   
• It made intraday high at 7.0207 and low at 6.9994 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 7.0222 mark.
   
• A sustained close above 7.0180 marks will test key resistances at 7.0303, 7.0540 and 7.0920 marks respectively.
   
• Alternatively, a daily close below 7.0180 will drag the parity down towards key supports at 6.9765, 6.9525, 6.9297 and 6.88 marks respectively.
   
• 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 7.0100, stop loss at 7.0260 and target of 6.9765/6.9525.