FxWirePro: USD/CNY trades in stiff boundaries, PBOC sets yuan mid-point at 6.6356

• USD/CNY is currently trading around 6.6332 marks.
   
• It made intraday high at 6.6418 and low at 6.6299 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.6299 marks will test key resistances at 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
   
• Alternatively, a daily close below 6.6299 will drag the parity down towards key supports at 6.6132, 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
   
• PBOC sets yuan mid-point at 6.6356/ dlr vs last close 6.6300.
   
• 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 short position on USD/CNY only below 6.6299, stop loss 6.6464 and target of 6.5839.

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