FxWirePro: USD/CNY exhibits range bound movement; PBOC sets yuan mid-point at 6.7514

• USD/CNY is currently trading around 6.7590 marks.
   
• It made intraday high at 6.7621 and low at 6.7567 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.7510 marks.  
   
• On the top side, a sustained close above 6.7626 marks will test key resistances at 6.7705, 6.7843, 6.8025 and 6.8158 marks respectively.
   
• Alternatively, a daily close below 6.7510 will drag the parity down towards key supports at 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
   
• PBOC sets Yuan mid-point at 6.7514/ dollar vs last close 6.7625.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position in USD/CNY only above 6.7626, stop loss at 6.7510 and target of 6.7705/6.7843.