FxWirePro: USD/CNY falls below 6.60 mark, PBOC sets yuan mid-point at 6.6273

• USD/CNY is currently trading around 6.6922 marks.
   
• It made intraday high at 6.6234 and low at 6.5894 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.6550 mark.
   
• A sustained close above 6.6234 marks will test key resistances at 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6234 will drag the parity down towards key supports at 6.5895, 6.5729, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6273/ dlr vs last close 6.6248.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/CNY around 6.6020, stop loss at 6.6250 and target of 6.5635.

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