FxWirePro: USD/CNY hits fresh 4-week low at 6.8680, PBOC sets yuan mid-point at 6.8701

• USD/CNY is currently trading around 6.8754 marks.
   
• It made intraday high at 6.8836 and low at 6.8680 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.8915 mark.
   
• A sustained close above 6.8802 marks will test key resistances at 6.8980, 6.9073, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8802 will drag the parity down towards key supports at 6.8674, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8701/dollar vs last close 6.8850.
   
• China’s Jan - Feb industrial profits +31.5 pct yr/yr.
   
• China industrial firms' liabilities up 6.6 pct yr/yr as of end-Feb.
   
• China Feb services trade deficit $17.
   
• China Jan-Feb services trade deficit $38.

 

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.