FxWirePro: Chinese yuan trades marginally higher after trade balance data, PBOC sets yuan mid-point at 6.8313

• USD/CNY is currently trading around 6.8204 marks.
   
• It made intraday high at 6.8310 and low at 6.7997 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 6.8310 mark.
   
• A sustained close above 6.8310 marks will test key resistances at 6.8510, 6.8620, 6.8747, 6.8934, 6.9088, 6.9245 and 6.9414 marks respectively.
   
• Alternatively, a daily close below 6.8310 will drag the parity down towards key supports at 6.8054, 6.7864, 6.7658 and 6.7373 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.8313 / dlr vs last close 6.8278.
   
• China July 2018 yuan-denominated trade balance decrease to 176.96 cny vs previous 261.88 cny.
   
• China July 2018 trade balance usd decrease to 28.05 usd (forecast 39.33 usd) vs previous 41.47 usd (revised from 41.61 usd).

We prefer to take long position on USD/CNY  only above 6.8310, stop loss 6.8054 and target of 6.8620.