FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.3763

• USD/CNY is currently trading around 6.3695 marks.
   
• It made intraday high at 6.3716 and low at 6.3644 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3644 mark.
   
• A sustained close above 6.3644 marks will test key resistances at 6.3750, 6.3821, 6.4017, 6.4178 and 6.4329 marks respectively.
   
• Alternatively, a daily close below 6.3644 will drag the parity down towards key supports at 6.3510, 6.3313, 6.3210, 6.3000 and 6.2892 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 6.3763 / dlr vs last close 6.3645.

We prefer to take short position on USD/CNY only below 6.3644, stop loss 6.3855 and target of 6.3510/6.3415.

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