FxWirePro: Chinese yuan trades almost flat despite lower than expected trade balance data

• USD/CNY is currently trading around 6.2865 marks.
   
• It made intraday high at 6.2927 and low at 6.2864 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 6.2890 marks will test key resistances at 6.3068, 6.3158, 6.3210, 6.3320, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
   
• Alternatively, a daily close below 6.2890 will drag the parity down towards key supports at 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.
   
• PBOC sets yuan mid-point at 6.2898 / dlr vs last close 6.2922.
   
• China March exports y/y decrease to -2.7 % (forecast 10 %) vs previous 44.5 %.
   
• China March imports y/y increase to 14.4 % (forecast 10 %) vs previous 6.3 %.
   
• China March trade balance usd decrease to -4.98 bln us (forecast 27.21 bln us) vs previous 33.75 bln us (revised from 33.74 bln us).

We prefer to take long position on USD/CNY around 6.2800, stop loss 6.2654 and target of 6.3158.

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