FxWirePro: Chinese yuan opens gap down against U.S. dollar, PBOC sets yuan mid-point at 6.6259

• USD/CNY is currently trading around 6.6089 marks.
   
• It made intraday high at 6.6094 and low at 6.5989 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.6122 marks will test key resistances at 6.6300, 6.6411, 6.6660, 6.6855, 6.7167, 6.7310, 6.7444 and 6.7676 marks respectively.
   
• Alternatively, a daily close below 6.6122 will drag the parity down towards key supports at 6.5991, 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 6.6259 / dlr vs last close 6.6117.
   
• China June 2018 PPI y/y increase to 4.7 (forecast 4.5 ).
   
• China June 2018 CPI y/y increase to 1.9 (forecast 1.9 ).
   
• China June 2018 CPI m/m increase to -0.1 (forecast 0.1 ).

We prefer to take short position on USD/CNY only below 6.5989, stop loss 6.6300 and target of 6.5500.