FxWirePro: Chinese yuan strengthen as PBOC sets yuan mid-point at strongest level since September 22, 2016

• USD/CNY is currently trading around 6.6538 marks.
   
• It made intraday high at 6.6629 and low at 6.6521 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.6700 mark.
   
• A sustained close above 6.6629 marks will test key resistances at 6.6755, 6.6814, 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668 and 6.7776 marks respectively.
   
• Alternatively, a daily close below 6.6629 will drag the parity down towards key supports at 6.6449, 6.6378 and 6.6220 marks respectively.
   
• PBOC sets yuan mid-point at 6.6597/ dlr vs last close 6.6630.
   
• 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 in USD/CNY around 6.6570, stop loss at 6.6814 and target of 6.6378.

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