FxWirePro: Chinese yuan falls gradually against U.S. dollar, upside limited

• USD/CNY is currently trading around 6.6742 marks.
   
• It made intraday high at 6.6744 and low at 6.6679 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.6552 mark.
   
• A sustained close above 6.6694 marks will test key resistances at 6.6826, 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668 and 6.7776 marks respectively.
   
• Alternatively, a daily close below 6.6694 will drag the parity down towards key supports at 6.6449, 6.6378 and 6.6220 marks respectively.
   
• PBOC sets yuan mid-point at 6.6689/ dlr vs last close 6.6715.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/CNY around 6.6720, stop loss at 6.6552 and target of 6.6826.

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