FxWirePro: Chinese yuan trades marginally higher, PBOC sets yuan mid-point at 6.7802

• USD/CNY is currently trading around 6.7864 marks.
   
• It made intraday high at 6.7919 and low at 6.7752 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 6.8072 marks.
   
• A sustained close above 6.7896 marks will test key resistances at 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
   
• Alternatively, a daily close below 6.7896 will drag the parity down towards key supports at 6.7764, 6.7590, 6.7346, 6.7250, 6.7050 and 6.6722 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7802 / dlr vs last close 6.7910.

We prefer to take long position on USD/CNY only above 6.7920, stop loss at 6.7750 and target of 6.8210.