FxWirePro: Chinese yuan strengthens against U.S. dollar, PBOC sets yuan mid-point at 6.6216

• USD/CNY is currently trading around 6.6251 marks.
   
• It made intraday high at 6.6313 and low at 6.6203 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 6.6310 marks will test key resistances at 6.6464, 6.6513, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6310 will drag the parity down towards key supports at 6.6210, 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6216/ dlr vs last close 6.6339.
   
• 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 6.6270, stop loss at 6.6405 and target of 6.6000.

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