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- USD/CNY is currently trading around 6.8597 marks.
- It made intraday high at 6.8638 and low at 6.8418 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8418 marks will test key resistances at 6.8638, 6.8774 and 6.8938 marks respectively.
- Alternatively, a daily close below 6.8418 will drag the parity down towards key supports at 6.8215, 6.7980, 6.7864, 6.7624, 6.7510 and 6.7160 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 6.8389 / dlr vs last close 6.8492.
- China Aug 2018 PPI yy decrease to 4.1 % (forecast 4 %) vs previous 4.6 %.
- China Aug 2018 CPI mm increase to 0.7 % (forecast 0.5 %) vs previous 0.3 %.
We prefer to take long position on USD/CNY around 6.8580, stop loss at 6.8300 and target of 6.8774.
