FxWirePro: Chinese yuan weakens past 6.87 mark, PBOC sets yuan mid-point at 6.8322

• USD/CNY is currently trading around 6.8691 marks.
   
• It made intraday high at 6.8747 and low at 6.8379 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.8379 marks will test key resistances at 6.8747, 6.8934, 6.9088, 6.9245 and 6.9414 marks respectively.
   
• Alternatively, a daily close below 6.8379 will drag the parity down towards key supports at 6.8054, 6.7864, 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.8322 / dlr vs last close 6.8381.
   
• China sets yuan mid-point at weakest since May 31, 2017.

We prefer to take long position on USD/CNY  around 6.8550, stop loss 6.8350 and target of 6.9088.