- USD/CNY is currently trading around 6.7182 marks.
- It made intraday high at 6.7262 and low at 6.7141 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.7131 marks will test key resistances at 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7131 will drag the parity down towards key supports at 6.6963, 6.6849, 6.6650, 6.6540 and 6.62 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- PBOC sets yuan mid-point at 6.7235 / dlr vs last close 6.7133.
- China Feb 2019 trade balance usd decrease to 4.12 usd (forecast 26.38 usd) vs previous 39.16 usd.
- China Feb 2019 yuan-denominated trade balance decrease to 34.46 cny vs previous 271.16 cny.
We prefer to take long position on USD/CNY around 6.7150, stop loss at 6.7050 and target of 6.73.
