FxWirePro: USD/CNY hits fresh 7-month low at 6.7904, PBOC sets yuan midpoint at strongest level since November 10

• USD/CNY is currently trading around 6.7935 marks.
   
• It made intraday high at 6.8097 and low at 6.7904 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 6.80 marks will test key resistances at 6.8090, 6.8298, 6.83354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.80 will drag the parity down towards key supports at 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
   
• PBOC sets yuan mid-point at 6.8090/ dlr vs last close 6.8170.
   
• China’s May CAIXIN manufacturing PMI final decrease to 49.6 (forecast 50.1) vs previous 50.3.
   
• China’s CAIXIN PMI shows total new order, output growth also slowest in 11 months, job-shedding at 8-month high.

We prefer to take short position in USD/CNY around 6.8010, stop loss 6.8298 and target of 6.7520.