FxWirePro: USD/CNY hits fresh 5-week high at 6.3196, PBOC sets yuan mid-point at 6.3229

• USD/CNY is currently trading around 6.3098 marks.
   
• It made intraday high at 6.3196 and low at 6.3096 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 6.3150 marks will test key resistances at 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3150 will drag the parity down towards key supports at 6.2892, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 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 6.3229 / dlr vs last close 6.3165.

We prefer to take long position on USD/CNY around 6.3100, stop loss 6.3010 and target of 6.3320.

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