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- USD/CNY is currently trading around 6.9955 marks.
- It made intraday high at 7.0045 and low at 6.9598 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.9810 mark.
- A sustained close above 6.9847 marks will test key resistances at 7.0074, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
- Alternatively, a daily close below 6.9810 will drag the parity down towards key supports at 6.9525, 6.9297, 6.88 and 6.8662 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China’s industrial production stands at 6.2 pct vs 4.7 pct previous release (expected 5.1).
- China’s retail sales stands at 8.0 pct vs 7.2 pct previous release (expected 7.6).
- China’s fixed Asset investment remains unchanged at 5.2 pct.
- PBOC Fixes Yuan Mid Point At 6.9915 against the U.S. dollar.
We prefer to take short position on USD/CNY only below 6.9810, stop loss at 7.0074 and target of 6.9525/6.9297.
