FxWirePro: Chinese yuan rises after trade balance data, PBOC sets yuan mid-point at 6.7220

• USD/CNY is currently trading around 6.7163 marks.
   
• It made intraday high at 6.7229 and low at 6.7160 levels.
   
• Intraday bias remains slightly bearish for the moment.
   
• A sustained close above 6.7187 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.7187 will drag the parity down towards key supports at 6.7060, 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.7220 / dlr vs last close 6.7190.
   
• China Mar 2019 imports yy decrease to -7.6 % (forecast -1.3 %) vs previous -5.2 %.
   
• China March 2019 exports yy increase to 14.2 % (forecast 7.3 %) vs previous -20.8 %.
   
• China Mar 2019 yuan-denominated exports increase to 21.3 % vs previous -16.6 %.
   
• China Mar 2019 yuan-denominated imports decrease to -1.8 % vs previous -0.3 %.

We prefer to take short position on USD/CNY only below 6.7060, stop loss at 6.7250 and target of 6.6853/6.6650.