FxWirePro: USD/CNY stabilizes above 6.37 mark, PBOC sets yuan mid-point at 6.3867

• USD/CNY is currently trading around 6.3876 marks.
   
• It made intraday high at 6.3903 and low at 6.3750 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3700 mark.
   
• A sustained close above 6.3758 marks will test key resistances at 6.3946, 6.4017, 6.4178 and 6.4329 marks respectively.
   
• Alternatively, a daily close below 6.3758 will drag the parity down towards key supports at 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 6.3867 / dlr vs last close 6.3770.
   
• China sets the yuan mid-point at weakest level since Jan 24.

We prefer to take long position on USD/CNY only above 6.3950, stop loss 6.3700 and target of 6.4178.

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