FxWirePro: Chinese yuan opens gap up at 6.4202 per U.S. dollar, PBOC sets yuan mid-point at 6.4306

• USD/CNY is currently trading around 6.4150 marks.
   
• It made intraday high at 6.4192 and low at 6.4147 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.4192 marks.
   
• A sustained close above 6.4192 marks will test key resistances at 6.4228, 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
   
• Alternatively, a daily close below 6.4192 will drag the parity down towards key supports at 6.4017, 6.3837, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 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 6.4306 / dlr vs last close 6.4005.
   
• PBOC sets yuan mid-point at weakest since January 18, 2018.
   
• China May house prices yy stays flat at 4.7 % vs previous 4.7 %.

We prefer to take long position on USD/CNY only above 6.4192, stop loss 6.3938 and target of 6.4228/6.4278/6.4329.