Fxwirepro: Chinese Yuan Strengthens in Early Asia on Robust Trade Balance Data

USD/CNY is currently trading around 6.8744 marks.

It made intraday high at 6.8889 and low at 6.8729 levels.

Intraday bias remains bearish till the time pair holds key resistance at 6.90 mark.

A sustained close above 6.8914 marks will test key resistances at 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.

Alternatively, a daily close below 6.8914 will drag the parity down towards key supports at 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.

PBOC sets Yuan mid-point at 6.8651/dollar vs last close 6.8930.

China’s Q1 trade balance +454.94 bln yuan.

China’s Q1 yuan-denominated exports +14.8 pct y/y.

China’s Q1 yuan-denominated imports +31.1 pct y/y.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

News are provided by InstaForex