FxWirePro: USD/CNY jumps above 6.84 mark, consistent close above requires for upside rally

• USD/CNY is currently trading around 6.8402 marks.
   
• It made intraday high at 6.8426 and low at 6.8277 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.7980 marks.
   
• A sustained close above 6.8420 marks will test key resistances at 6.8557, 6.8774 and 6.8938 marks respectively.
   
• Alternatively, a daily close below 6.8420 will drag the parity down towards key supports at 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8266 / dlr vs last close 6.8450.
   
• China Aug 2018 Caixin Services PMI decrease to 51.5 vs previous 52.8.

We prefer to take long position on USD/CNY only above 6.8426, stop loss at 6.7980 and target of 6.8774.