FxWirePro: Chinese yuan soars against U.S. dollar, hits highest level since December 2015

• USD/CNY is currently trading around 6.4309 marks.
   
• It made intraday high at 6.4667 and low at 6.4167 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.4600 mark.
   
• A sustained close above 6.4600 marks will test key resistances at 6.5045, 6.5175, 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
   
• Alternatively, a daily close below 6.4600 will drag the parity down towards key supports at 6.4167, 6.3855 and 6.3380 marks respectively.
   
• PBOC sets yuan mid-point at 6.4574, strongest since May 3, 2016.
   
• 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 6.4400, stop loss 6.4710 and target of 6.3855.

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