24.03.201703:11:00UTC+00Fxwirepro: Usd/cny Back Above 6.89 Mark, Pboc sets Yuan Mid-Point at 6.8845

• USD/CNY is currently trading around 6.8931 marks.
   
• It made intraday high at 6.8963 and low at 6.8842 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8777 mark.
   
• A sustained close above 6.8842 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 6.8842 will drag the parity down towards key supports at 6.8777, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8845/dollar vs last close 6.8860.

We prefer to take long position in USD/CNY around 6.89, stop loss 6.8777 and target of 6.9073.