FxWirePro: USD/CNY trades in narrow range, bias remains neutral

• USD/CNY is currently trading around 6.9070 marks.
   
• It made intraday high at 6.9094 and low at 6.9029 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 6.8964 mark.
   
• A sustained close above 6.9049 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.9049 will drag the parity down towards key supports at 6.8964, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8988/dollar vs last close 6.9130.
   
• China’s February new yuan loans decrease to 1170 bln cny vs previous 2030.0 bln cny.
   
• China’s February outstanding loan growth increase to 13.0 % vs previous 12.6 %.
   
• China’s February M2 money supply y/y decrease to 11.1 % vs previous 11.3 %.

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.