FxWirePro: USD/CNY bears maintain upper hand

• USD/CNY edged lower on Wednesday as China's yuan firmed slightly as robust export growth lifted sentiment, while the central bank kept the fixing steady as Middle East conflicts continued.

•The dollar, which has surged as the more than week-long ​war sent oil prices soaring, has given up some of those gains on hopes of a swift resolution, but analysts remain ​sceptical of the conflict ending so soon.

• The currency found renewed support as trade data beat expectations in the first two Exports grew 21.8% in U.S. dollar terms in the January-to-February period, beating expectations.

• Prior to the market opening, the People's Bank of China set the midpoint rate   at 6.8917 per dollar, its strongest since April 25, 2023, which was 93 pips weaker than a Reuters estimate.

•  Immediate resistance is located at 6.6890(SMA 20), any close above will push the pair towards 6.916(38.2%fib)

• Support is seen at 6.853(Lower BB) and break below could take the pair towards 6.838(23.6%fib).

Recommendation: Good to sell  around 6.870 with stop loss of 6.930 and target price of 6.830