FxWirePro: USD/CNY hits fresh 5-month high at 6.5051 mark, PBOC sets yuan mid-point at 6.4706

• USD/CNY is currently trading around 6.5046 marks.
   
• It made intraday high at 6.5051 and low at 6.4712 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.4712 marks will test key resistances at 6.5345, 6.5580, 6.5858 and 6.6042 marks respectively.
   
• Alternatively, a daily close below 6.4712 will drag the parity down towards key supports at 6.4639, 6.4378, 6.4125 and 6.4017 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 6.4706 / dlr vs last close 6.4750.

We prefer to take long position on USD/CNY around 6.4950, stop loss 6.4712 and target of 6.5580.