FxWirePro: USD/CNY hovers around 6.88 mark, PBOC sets yuan mid-point at 6.8992

• USD/CNY is currently trading around 6.8839 marks.
   
• It made intraday high at 6.9032 and low at 6.8779 levels.
   
• Intraday bias remains bearish for the moment. .
   
• A sustained close above 6.8985 marks will test key resistances at 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8985 will drag the parity down towards key supports at 6.8720, 6.8510 and 6.8449 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• PBOC sets Yuan mid-point at 6.8992/ dollar vs last close 6.9005.                                

We prefer to go short on USD/CNY around 6.8850, stop loss at 6.9080 and target of 6.8720/6.8510.