FxWirePro: USD/CNY hits fresh 3-week low at 6.5690 mark, PBOC sets yuan mid-point at 6.5841

• USD/CNY is currently trading around 6.5788 marks.
   
• It made intraday high at 6.5851 and low at 6.5690 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.5717 mark.
   
• A sustained close above 6.5717 marks will test key resistances at 6.5860, 6.5984, 6.6211, 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.5717 will drag the parity down towards key supports at 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.5841/ dlr vs last close 6.5818.
   
• 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 6.58, stop loss at 6.6000 and target of 6.5635.

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