FxWirePro: USD/CNY stabilizes above 6.86 mark, PBOC sets yuan mid-point at 6.8503

• USD/CNY is currently trading around 6.8754 marks.
   
• It made intraday high at 6.8792 and low at 6.8659 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8519 mark.
   
• A sustained close above 6.8685 marks will test key resistances at 6.8779, 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
   
• Alternatively, a daily close below 6.8519 will drag the parity down towards key supports at 6.84, 6.8210, 6.80 and 6.7813 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 6.8503/ dlr vs last close 6.8675.

We prefer to take long position on USD/CNY around 6.87, stop loss at 6.8550 and target of 6.9150.