FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at 6.7101

• USD/CNY is currently trading around 6.7114 marks.
   
• It made intraday high at 6.7167 and low at 6.7105 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.7215 marks will test key resistances at 6.7298, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7062 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 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 6.7101 / dlr vs last close 6.7113.

We prefer to take short position on USD/CNY only below 6.7020, stop loss at 6.7215 and target of 6.6849.