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- USD/CNY is currently trading around 6.8743 marks.
- It made intraday high at 6.8820 and low at 6.8709 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
- Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- China q/q GDP at 1.6 pct vs 1.4 pct previous release.
- China’s June y/y industrial production at 6.3 pct vs 5.0 pct previous release.
- China’s June y/y retail sales at 9.8 pct vs 8.6 pct previous release.
We prefer to take short position on USD/CNY around 6.8800, stop loss at 6.8870 and target of 6.8492.
