FxWirePro: USD/CNY jumps above 6.42 mark, PBOC sets yuan mid-point at 6.4207

• USD/CNY is currently trading around 6.4262 marks.
   
• It made intraday high at 6.4278 and low at 6.4161 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3979 marks.
   
• A sustained close above 6.4161 marks will test key resistances at 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
   
• Alternatively, a daily close below 6.4161 will drag the parity down towards key supports at 6.3979, 6.3750, 6.3654, 6.3510, 6.3313 and 6.3210 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 6.4207 / dlr vs last close 6.4150.
   
• China sets yuan mid-point at weakest level since Jan 18.

We prefer to take long position on USD/CNY around 6.4200, stop loss 6.3979 and target of 6.4525.

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