FxWirePro: USD/CNY continues to fall towards key support at 6.4910, sell on rallies

Pair is currently supported above 6.51 marks and trading around 6.5125 levels. 

• It made intraday high at 6.5175 and low at 6.5095 levels. 
   
• Intraday bias remains bearish for the moment. 
   
• A daily close below 6.5072 will drag the parity towards key support area at 6.4910/ 6.4736 levels.
   
• Alternatively, a reversal from 6.4910 will take the parity back above 6.56 levels.
  
   
• China will release industrial production as well as retail sales data on coming Saturday. This will provide further direction to the parity.

We prefer to take short position in USD/CNY around 6.5150, stop loss 6.5273 and target 6.4910/ 6.4736 levels.