FxWirePro: Chinese yuan strengthens as PBoC keeps Loan Prime Rate unchanged at 4.05 pct

• USD/CNY is currently trading around 7.0667 marks.
   
• It made intraday high at 7.1082 and low at 7.0582 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 7.1057 mark.
   
• A sustained close above 7.1057 marks will test key resistances at 7.0920, 7.1142, 7.1303 and 7.1515 marks respectively.
   
• Alternatively, a daily close below 7.0459 will drag the parity down towards key supports at 7.0285, 7.01, 7.0076, 6.9857 and 6.9510 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in USD/CNY around 7.0650, stop loss at 7.0450 and target of 7.1142.