FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.5423

• USD/CNY is currently trading around 6.5495 marks.
   
• It made intraday high at 6.5519 and low at 6.5419 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.5535 marks will test key resistances at 6.5658, 6.5887, 6.6013, 6.6227, 6.6673, 6.6735, 6.6814, 6.7055, 6.7206, 6.7289 and 6.7373 marks respectively.
   
• Alternatively, a daily close below 6.5535 will drag the parity down towards key supports at 6.5399, 6.5205, 6.4829, 6.4772, 6.4510, 6.4429, 6.4345, 6.4119 and 6.4060 marks respectively.
   
• PBOC sets yuan mid-point at 6.5423/ dlr vs last close 6.5540.
   
• 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 long position in USD/CNY only above 6.5535, stop loss at 6.5399 and target of 6.5658.

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