FxWirePro: USD/CNY remains well supported below 6.62 mark, PBOC sets yuan mid-point at 6.6290

• USD/CNY is currently trading around 6.6141 marks.
   
• It made intraday high at 6.6326 and low at 6.6135 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.6405 mark.
   
• A sustained close above 6.6265 marks will test key resistances at 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6265 will drag the parity down towards key supports at 6.6132, 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6290/ dlr vs last close 6.6305.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/CNY around 6.6178, stop loss 6.6405 and target of 6.5839.           

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