FxWirePro: Chinese yuan rises gradually against U.S. dollar, hits highest level since August 2015

• USD/CNY is currently trading around 6.2850 marks.
   
• It made intraday high at 6.2970 and low at 6.2769 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.3188 mark.
   
• A sustained close above 6.2968 marks will test key resistances at 6.3188, 6.3305, 6.3649, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2968 will drag the parity down towards key supports at 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.2885 / dlr vs last close 6.2965.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 6.2920, stop loss 6.3188 and target of 6.2584.

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