FxWirePro: USD/CNY hovers around 6.6000 mark, PBOC sets yuan mid-point at 6.5874

• USD/CNY is currently trading around 6.6002 marks.
   
• It made intraday high at 6.6047 and low at 6.5957 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 6.5747 mark.
   
• A sustained close above 6.5997 marks will test key resistances at 6.6210, 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.5997 will drag the parity down towards key supports at 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.5874/ dlr vs last close 6.6028.
   
• 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 only above 6.6050, stop loss 6.5747 and target of 6.6326.       

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