FxWirePro: Chinese yuan gains as Fitch affirms China’s rating at A+

• USD/CNY is currently trading around 6.7798 marks.
   
• It made intraday high at 6.7841 and low at 6.7789 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.8009 mark.
   
• A sustained close above 6.7834 marks will test key resistances at 6.8009, 6.8070, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.7834 will drag the parity down towards key supports at 6.7757, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
   
• Fitch affirms china at 'A+'; outlook stable.
   
• PBOC sets yuan mid-point at 6.7774/ dlr vs last close 6.7848.

We prefer to take short position in USD/CNY around 6.7800, stop loss at 6.7890 and target of 6.7607.

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