FxWirePro: USD/CNY hovers around 6.6700 mark, PBOC sets yuan mid-point at 6.6709

• USD/CNY is currently trading around 6.6725 marks.
   
• It made intraday high at 6.6726 and low at 6.6669 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.6650 mark.
   
• A sustained close above 6.6699 marks will test key resistances at 6.6755, 6.6899, 6.7055, 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668 and 6.7776 marks respectively.
   
• Alternatively, a daily close below 6.6699 will drag the parity down towards key supports at 6.6641, 6.6449, 6.6378 and 6.6220 marks respectively.
   
• PBOC sets yuan mid-point at 6.6709/ dlr vs last close 6.6679.
   
• 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 in USD/CNY only above 6.6814, stop loss at 6.6650 and target of 6.7055.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest