FxWirePro: Chinese yuan strengthens against U.S. dollar, PBOC sets yuan mid-point at 6.8053

• USD/CNY is currently trading around 6.8002 marks.
   
• It made intraday high at 6.8099 and low at 6.7929 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.8440 marks.
   
• A sustained close above 6.8101 marks will test key resistances at 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.8101 will drag the parity down towards key supports at 6.7887, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
   
• PBOC sets yuan mid-point at 6.8053/ dlr vs last close 6.8145.

We prefer to take short position in USD/CNY around 6.8050, stop loss at 6.8250 and target of 6.7867.

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