FxWirePro: USD/CNY hits fresh 3-week low at 6.9034 mark, further downside movement likely

• USD/CNY is currently trading around 6.9070 marks.
   
• It made intraday high at 6.9314 and low at 6.9034 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 6.9204 marks will test key resistances at 6.9396, 6.9450, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
   
• Alternatively, a daily close below 6.9204 will drag the parity down towards key supports at 6.8898, 6.8670, 6.8420 and 6.8215 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.9371 / dlr vs last close 6.9199.

We prefer to take short position on USD/CNY around 6.9120, stop loss at 6.9396 and target of 6.8670.