FxWirePro: Chinese yuan rises remarkably against U.S. dollar, PBOC sets yuan mid-point at 6.8747

• USD/CNY is currently trading around 6.8661 marks.
   
• It made intraday high at 6.8783 and low at 6.8658 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.8920 mark.
   
• A sustained close above 6.8790 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
   
• Alternatively, a daily close below 6.8770 will drag the parity down towards key supports at 6.8650, 6.8519, 6.84, 6.8210, 6.80 and 6.7813 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• PBOC sets yuan mid-point at 6.8747/ dlr vs last close 6.8778.

We prefer to take short position on USD/CNY around 6.8750, stop loss at 6.8850 and target of 6.84/6.8210.