FxWirePro: Chinese yaun falls after PBOC’s comments

• USD/CNY is currently trading around 6.9132 marks.
   
• It made intraday high at 6.9150 and low at 6.9088 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.90 mark.
   
• A sustained close above 6.9100 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.9100 will drag the parity down towards key supports at 6.8983, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.9123/dollar vs last close 6.9070.
   
• China Central Bank Governor - Expects yuan exchange rate to be stable this year.
   
• China Central Bank Governor - Exchange rate fluctuations normal.
   
• China Central Bank Governor - Monetary policy is prudent, neutral.
   
• China Central Bank Governor - China's efforts to cut debt levels will be a medium-term process.
   
• China Central Bank Deputy Governor - Stable yuan is good for china, good for the world.
   
• China Central Bank Governor - Yuan will be basically stable at reasonable, balanced level.

We prefer to take long position in USD/CNY around 6.9100, with stop loss at 6.9057 and target of 6.9198/6.9336/6.9365.