FxWirePro: USD/CNY exhibits range bound movement, PBOC sets yuan mid-point at 6.7132

• USD/CNY is currently trading around 6.7187 marks.
   
• It made intraday high at 6.7219 and low at 6.7131 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.7149 mark.
   
• A sustained close above 6.7149 marks will test key resistances at 6.7373, 6.7486, 6.7529, 6.7668, 6.7757, 6.7842, 6.8009 and 6.8122 marks respectively.
   
• Alternatively, a daily close below 6.7149 will drag the parity down towards key supports at 6.7118, 6.7011 and 6.6826 marks respectively.
   
• PBOC sets yuan mid-point at 6.7132/ dlr vs last close 6.7175.

We prefer to take short position in USD/CNY only below 6.7100, stop loss at 6.7311 and target of 6.7011.

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