FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.7042

• USD/CNY is currently trading around 6.7070 marks.
   
• It made intraday high at 6.7104 and low at 6.7023 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 6.7078 marks will test key resistances at 6.7210, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7078 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7042 / dlr vs last close 6.7090.

We prefer to take short position on USD/CNY only below 6.7000, stop loss at 6.7210 and target of 6.6853/6.6540.