FxWirePro: USD/CNY trades in narrow range, PBOC sets yuan mid-point at the strongest level since November 2016

• USD/CNY is currently trading around 6.7940 marks.


• It made intraday high at 6.7960 and low at 6.7878 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 6.7944 marks will test key resistances at 6.8029, 6.8116, 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.7944 will drag the parity down towards key supports at 6.7839, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
   
• PBOC sets yuan mid-point at 6.7858/ dlr vs last close 6.7945.
   
• PBOC sets yuan mid-point at the strongest level since November 9, 2016.

We prefer to take short position in USD/CNY around 6.7950, stop loss 6.8298 and target of 6.7520.