FxWirePro: Chinese yuan opens gap up at 6.3524 per U.S. dollar, PBOC sets yuan mid-point at weakest level since Jan 25

• USD/CNY is currently trading around 6.3572 marks.
   
• It made intraday high at 6.3588 and low at 6.3525 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.3324 mark.
   
• A sustained close above 6.3324 marks will test key resistances at 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.3324 will drag the parity down towards key supports at 6.3210, 6.3000, 6.2892, 6.2654, 6.2584, 6.2419, 6.2322, 6.2196 and 6.1907 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• PBOC sets yuan mid-point at 6.3670 / dlr vs last close 6.3310.
   
• China April Caixin manufacturing PMI final increase to 51.1 (forecast 50.9 ) vs previous 51.

We prefer to take long position on USD/CNY around 6.3520, stop loss 6.3210 and target of 6.4017.

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