FxWirePro: Chinese yuan erases previous gain against U.S. dollar, intraday bias remains bullish

• USD/CNY is currently trading around 6.8886 marks.
   
• It made intraday high at 6.8891 and low at 6.8813 levels.


• Intraday bias remains bullish till the time pair holds key support at 6.8800 marks. 
   
• A sustained close above 6.8842 marks will test key resistances at 6.9010, 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8842 will drag the parity down towards key supports at 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.


• PBOC sets yuan mid-point at 6.8635/ dlr vs last close 6.8880.
   
• PBOC sets yuan mid-point at the strongest level since February 17.

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.