FxWirePro: USD/CNY breaks key resistance at 6.3400 mark, PBOC sets yuan mid-point at 6.3428

• USD/CNY is currently trading around 6.3440 marks.
   
• It made intraday high at 6.3530 and low at 6.3305 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.3379 marks will test key resistances at 6.3530, 6.3649, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3379 will drag the parity down towards key supports at 6.3210, 6.3005, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3428 / dlr vs last close 6.3400.
   
• 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.
   
• China’s Jan FDI +0.3 pct y/y.

We prefer to take long position on USD/CNY around 6.3380, stop loss at 6.3210 and target of 6.3855.

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