- USD/CNY is currently trading around 6.8910 marks.
- It made intraday high at 6.8938 and low at 6.8837 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 6.8887 marks will test key resistances at 6.8938, 6.9088, 6.9245 and 6.9414 marks respectively.
- Alternatively, a daily close below 6.8887 will drag the parity down towards key supports at 6.8457, 6.8198, 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 6.8695 / dlr vs last close 6.8900.
- PBOC sets yuan mid-point at weakest level since May 26, 2017.
- China July 2018 industrial output yy stays flat at 6 % (forecast 6.3 %) vs previous 6 %.
- China July 2018 urban investment (ytd) yy decrease to 5.5 % (forecast 6 %) vs previous 6 %.
- China July 2018 retail sales yy decrease to 8.8 % (forecast 9.1 %) vs previous 9 %.
We prefer to take long position on USD/CNY around 6.8770, stop loss 6.8450 and target of 6.9245.
