FxWirePro: Chinese yuan weakens past 6.40 per U.S. dollar for the first time since Jan 2018, stay bullish

• USD/CNY is currently trading around 6.4055 marks.
   
• It made intraday high at 6.4077 and low at 6.3979 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3750 mark.
   
• A sustained close above 6.3979 marks will test key resistances at 6.4178, 6.4329 and 6.4409 marks respectively.
   
• Alternatively, a daily close below 6.3979 will drag the parity down towards key supports at 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.4021 / dlr vs last close 6.3969.
   
• China sets yuan mid-point at the weakest level Since Jan 22.

We prefer to take long position on USD/CNY around 6.4000, stop loss 6.3750 and target of 6.4329.

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