FxWirePro: USD/CNY consolidates around 6.30 mark, PBOC sets yuan mid-point at 6.3114 per U.S. dollar

• USD/CNY is currently trading around 6.3050 marks.
   
• It made intraday high at 6.3098 and low at 6.2949 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 6.2728 marks.
   
• A sustained close above 6.3100 marks will test key resistances at 6.3160, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2800 will drag the parity down towards key supports at 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.3114 / dlr vs last close 6.3027.

We prefer to take long position on USD/CNY around 6.3020, stop loss 6.2728 and target of 6.3320.

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