FxWirePro: Chinese yuan rises gradually against U.S. dollar, PBOC sets yuan mid-point at 6.6770

• USD/CNY is currently trading around 6.6680 marks.
   
• It made intraday high at 6.6719 and low at 6.6524 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.7055 mark.
   
• A sustained close above 6.6719 marks will test key resistances at 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668, 6.7757, 6.7842, 6.8009 and 6.8122 marks respectively.
   
• Alternatively, a daily close below 6.6719 will drag the parity down towards key supports at 6.6554, 6.6442, 6.6378 and 6.6220 marks respectively.
   
• PBOC sets yuan mid-point at 6.6770/ dlr vs last close 6.6745.
   
• PBOC sets yuan mid-point at strongest level since September 29, 2016.

We prefer to take short position in USD/CNY around 6.67, stop loss at 6.7055 and target of 6.6220.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest