FxWirePro: USD/CNY fails to find support below 6.75 mark, PBOC sets yuan mid-point at 6.7451

• USD/CNY is currently trading around 6.7547 marks.
   
• It made intraday high at 6.7582 and low at 6.7449 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.7450 mark.
   
• A sustained close above 6.7450 marks will test key resistances at 6.7689, 6.7757, 6.7842, 6.8009, 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.7450 will drag the parity down towards key supports at 6.7403, 6.7222 and 6.7118 marks respectively.
   
• PBOC sets yuan mid-point at 6.7451/ dlr vs last close 6.7478.
   
• PBOC sets yuan mid-point at the strongest level since October 20, 2016.

We prefer to take short position in USD/CNY only below 6.7450, stop loss at 6.7689 and target of 6.7118.

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