FxWirePro: USD/CNY hovers around 6.4100 mark, short term trend reversal likely

• USD/CNY is currently trading around 6.4109 marks.
   
• It made intraday high at 6.4130 and low at 6.3885 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3885 mark.
   
• A sustained close above 6.3989 marks will test key resistances at 6.4180, 6.4289, 6.4510 and 6.4667 marks respectively.
   
• Alternatively, a daily close below 6.3989 will drag the parity down towards key supports at 6.3855, 6.3672 and 6.3380 marks respectively.
   
• PBOC sets yuan mid-point at 6.4112 / dlr vs last close 6.4030.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on USD/CNY around 6.4085, stop loss 6.3855 and target of 6.4510.

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