19.05.201702:11:00UTC+00Fxwirepro: Usd/cny Jumps Above 6.89 Mark, Pboc sets Yuan Mid-Point at 6.8786

• USD/CNY is currently trading around 6.8917 marks.
   
• It made intraday high at 6.8953 and low at 6.8879 levels.


• Intraday bias remains bullish till the time pair holds key support at 6.8701 marks. 
   
• A sustained close above 6.8879 marks will test key resistances at 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8879 will drag the parity down towards key supports at 6.8701, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets yuan mid-point at 6.8786/ dlr vs last close 6.8860.

We prefer to take long position in USD/CNY only above 6.9001, stop loss 6.8701 and target of 6.9080/6.9157.