FxWirePro: Chinese yuan falls gradually against U.S. dollar, good to buy on dips

• USD/CNY is currently trading around 7.0642 marks.
   
• It made intraday high at 7.0658 and low at 7.0587 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 7.0612 marks will test key resistances at 7.0694, 7.12, 7.3645 and 7.58 marks respectively.
   
• Alternatively, a daily close below 7.0240 will drag the parity down towards key supports at 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 7.0600, stop loss at 7.0432 and target of 7.12.