FxWirePro: USD/CNY touches 6.6390 mark in early Asian hours, PBOC sets yuan mid-point at 6.6166

• USD/CNY is currently trading around 6.6093 marks.
   
• It made intraday high at 6.6390 and low at 6.6066 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5758 marks.
   
• A sustained close above 6.6246 marks will test key resistances at 6.6418, 6.6510, 6.6724 and 6.6801 marks respectively.
   
• Alternatively, a daily close below 6.6246 will drag the parity down towards key supports at 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• PBOC sets yuan mid-point at 6.6166 / dlr vs last close 6.6248.
   
• China sets yuan mid-point at weakest level since December 13, 2017.

We prefer to take long position on USD/CNY around 6.5950, stop loss 6.5750 and target of 6.6418.