FxWirePro: USD/CNY hovers around 6.89 mark, PBOC sets yuan mid-point at 6.8710

• USD/CNY is currently trading around 6.8827 marks.
   
• It made intraday high at 6.8906 and low at 6.8723 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8399 mark.
   
• A sustained close above 6.8747 marks will test key resistances at 6.8938, 6.9290, 6.9414, 6.9590 and 6.9726 marks respectively.
   
• Alternatively, a daily close below 6.8747 will drag the parity down towards key supports at 6.8399, 6.8198 and 6.8037 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.8710 / dlr vs last close 6.8749.

We prefer to take long position on USD/CNY only above 6.8938, stop loss at 6.8399 and target of 6.9290.