FxWirePro: USD/CNY remains well supported above 6.58 mark, PBOC sets yuan mid-point at 6.5808

• USD/CNY is currently trading around 6.5899 marks.
   
• It made intraday high at 6.5970 and low at 6.5845 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5700 mark.
   
• A sustained close above 6.5870 marks will test key resistances at 6.5984, 6.6211, 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.5870 will drag the parity down towards key supports at 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.


• PBOC sets yuan mid-point at 6.5808/ dlr vs last close 6.5882.
   
• 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.

We prefer to take short position in USD/CNY only below 6.5840, stop loss at 6.6030 and target of 6.5635.

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