FxWirePro: Chinese yuan falls gradually against U.S. dollar, PBOC sets yuan mid-point at 6.7035

• USD/CNY is currently trading around 6.7126 marks.
   
• It made intraday high at 6.7134 and low at 6.7031 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.7222 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7080 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7035 / dlr vs last close 6.7049.
   
• China's CS300 index down over 2 pct.

We prefer to take long position on USD/CNY around 6.7080, stop loss at 6.7000 and target of 6.7380/6.7422.