FxWirePro: USD/CNY hits fresh 3-week low at 6.7196, PBOC sets yuan mid-point at 6.7558

• USD/CNY is currently trading around 6.7219 marks.
   
• It made intraday high at 6.7562 and low at 6.7196 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.7562 marks.
   
• A sustained close above 6.7562 marks will test key resistances at 6.7798, 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
   
• Alternatively, a daily close below 6.7562 will drag the parity down towards key supports at 6.7180, 6.7050, 6.6722 and 6.6422 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7558 / dlr vs last close 6.7600.

We prefer to take short position on USD/CNY around 6.7300, stop loss at 6.7562 and target of 6.7050/6.6722.