FxWirePro: Chinese yuan trades marginally lower against U.S. dollar, PBOC sets yuan mid-point at 6.4968

• USD/CNY is currently trading around 6.5029 marks.
   
• It made intraday high at 6.5041 and low at 6.4969 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.4969 mark.
   
• A sustained close above 6.4969 marks will test key resistances at 6.5092, 6.5333, 6.5585, 6.5749, 6.6050 and 6.6210 marks respectively.
   
• Alternatively, a daily close below 6.4969 will drag the parity down towards key supports at 6.4732, 6.4535, 6.4426 and 6.4355 marks respectively.
   
• PBOC sets yuan mid-point at 6.4968/ dlr vs last close 6.4984.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on USD/CNY around 6.5000, stop loss 6.4790 and target of 6.5333.

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