FxWirePro: USD/CNY back above 6.95 mark, PBOC sets yuan mid-point at 6.9463

• USD/CNY is currently trading around 6.9506 marks.
   
• It made intraday high at 6.9517 and low at 6.9396 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.9476 marks will test key resistances at 6.9525, 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
   
• Alternatively, a daily close below 6.9396 will drag the parity down towards key supports at 6.9210, 6.9120, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9463 / dlr vs last close 6.9405.
   
• China Oct 2018 sales turnover decrease to 3.6 % vs previous 4.1 %.
   
• China Oct 2018 turnover/sales cum y/y decrease to 13.6 % vs previous 15 %.

We prefer to take long position on USD/CNY around 6.9480, stop loss 6.9396 and target of 6.9768.