FxWirePro: Chinese yuan falls sharply against U.S. dollar, PBOC sets yuan mid-point at 6.6234

• USD/CNY is currently trading around 6.6580 marks.
   
• It made intraday high at 6.6783 and low at 6.6295 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.6315 marks will test key resistances at 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
   
• Alternatively, a daily close below 6.6315 will drag the parity down towards key supports at 6.5989, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.6234 / dlr vs last close 6.6405.
   
• Shanghai composite index to open down 1.7 pct at 2,780.70 points and China's CSI300 index to open down 2.0 pct at 3,398.93 points.

We prefer to take long position on USD/CNY around 6.6520, stop loss 6.6295 and target of 6.7167.