FxWirePro: USD/CNY rejects key support at 6.2654 mark, upside limited

• USD/CNY is currently trading around 6.2770 marks.
   
• It made intraday high at 6.2777 and low at 6.2654 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.2654 marks.
   
• A sustained close above 6.2654 marks will test key resistances at 6.2875, 6.3068, 6.3158, 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2654 will drag the parity down towards key supports at 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• 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.
   
• PBOC sets yuan mid-point at 6.2834 / dlr vs last close 6.2662.

We prefer to take short position on USD/CNY around 6.2800, stop loss 6.3068 and target of 6.2654/6.2584.

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