FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.3962

• USD/CNY is currently trading around 6.3923 marks.
   
• It made intraday high at 6.3924 and low at 6.3884 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.3902 marks will test key resistances at 6.3946, 6.4017, 6.4178 and 6.4329 marks respectively.
   
• Alternatively, a daily close below 6.3902 will drag the parity down towards key supports at 6.3750, 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 6.3962 / dlr vs last close 6.3917.

We prefer to take long position on USD/CNY only above 6.3950, stop loss 6.3750 and target of 6.4178.

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