FxWirePro: USD/CNY inches higher as investors await potential US-Iran peace talks

• USD/CNY edged higher  on Wednesday   as  yuan   firmed bit  as investors assessed Middle East ceasefire uncertainty  

•  President Donald Trump said he would indefinitely extend the Iran ceasefire, keeping sentiment buoyed,

• Trump’s announcement appeared unilateral, with no immediate clarity on whether Iran or U.S. ally Israel would agree to extend the ceasefire, which began two weeks ago.

• Markets showed little reaction to the development, as traders balanced the ceasefire extension against the absence of renewed talks. Iran had already refused a second round of negotiations before the announcement.

• Prior to the market opening, the People's Bank of China set the midpoint rate   at 6.8635 per dollar, off the one-week high seen on Tuesday  .

•The spot yuan is allowed to trade 2% either side of the fixed midpoint each day.

•  Immediate resistance is located at 6.829(April 17th high), any close above will push the pair towards 6.852(SMA 20-)

• Support is seen at 6.815 (23.6%fib) and break below could take the pair towards 6.782(Lower BB).

Recommendation: Good to sell  around 6.825 with stop loss of 6.850 and target price of 6.800