FxWirePro: Chinese yuan falls in early Asian as China’s CAIXIN services PMI data fails to meet expectations

• USD/CNY is currently trading around 6.8997 marks.
   
• It made intraday high at 6.9021and low at 6.8867 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8779 mark.
   
• A sustained close above 6.8867 marks will test key resistances at 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8779 will drag the parity down towards key supports at 6.8610, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8896/dollar vs last close 6.8902.
   
• China’s February Caixin services PMI decreases to 52.6 vs previous 53.1.                                       

We prefer to take long position in USD/CNY around 6.8950, with stop loss at 6.8779 and target of 6.9349.