FxWirePro: Chinese yaun trades marginally lower despite higher than expected trade balance data

• USD/CNY is currently trading around 6.8898 marks.
   
• It made intraday high at 6.9034 and low at 6.8872 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.8898 marks will test key resistances at 6.9210, 6.9347, 6.9525, 6.9620 and 6.9850 marks respectively.
   
• Alternatively, a daily close below 6.8898 will drag the parity down towards key supports at 6.8828, 6.8670, 6.8420, 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.9122 / dlr vs last close 6.8888.
   
• China Central bank sets yuan mid-point fixing at weakest level since March 10, 2017.
   
• China Sep 2018 exports yy increase to 14.5 % (forecast 8.9 %) vs previous 9.8 %.
   
• China Sep 2018 imports yy decrease to 14.3 % (forecast 15 %) vs previous 19.9 % (revised from 20 %).
   
• China Sep 2018 trade balance usd increase to 31.69 usd (forecast 19.4 usd) vs previous 27.89 usd (revised from 27.91 usd).

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.