FxWirePro: Chinese yuan strengthens in early Asia, PBOC sets yuan mid-point at 6.2881 per U.S. dollar

• USD/CNY is currently trading around 6.2699 marks.
   
• It made intraday high at 6.2875 and low at 6.2665 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.3040 marks.
   
• A sustained close above 6.2875 marks will test key resistances at 6.3040, 6.3160, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2875 will drag the parity down towards key supports at 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.2881 / dlr.
   
• 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 6.2750, stop loss 6.3110 and target of 6.2420.

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