FxWirePro: USD/CNY rejects key support at 6.3837 mark, bias remains bullish

• USD/CNY is currently trading around 6.3927 marks.
   
• It made intraday high at 6.3938 and low at 6.3849 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3837 marks.
   
• A sustained close above 6.3859 marks will test key resistances at 6.4041, 6.4175, 6.4278, 6.4329, 6.4525 and 6.4730 marks respectively.
   
• Alternatively, a daily close below 6.3859 will drag the parity down towards key supports at 6.3837, 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 6.3919 / dlr vs last close 6.3898.

We prefer to take long position on USD/CNY around 6.3900, stop loss 6.3837 and target of 6.4175.

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