FxWirePro: Chinese yuan falls despite higher than expected manufacturing PMI, non-manufacturing PMI data  

• USD/CNY is currently trading around 6.8969 marks.
   
• It made intraday high at 6.9025 and low at 6.8869 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8869 mark.
   
• A sustained close above 6.8869 marks will test key resistances at 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8869 will drag the parity down towards key supports at 6.8778, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8993/dollar vs last close 6.8886.
   
• China’s March NBS non-manufacturing PMI increases to 55.1 vs previous 54.20.
   
• China’s March NBS manufacturing PMI increases to 51.8 (forecast 51.6) vs previous 51.6.

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.