- USD/CNY is currently trading around 6.8498 marks.
- It made intraday high at 6.8507 and low at 6.8406 levels.
- Intraday bias remains slightly bullish for the moment.
- A sustained close above 6.8422 marks will test key resistances at 6.8656, 6.8792, 6.8810, 6.8938, 6.9050 and 6.9248 marks respectively.
- Alternatively, a daily close below 6.8422 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 6.8362 / dlr vs last close 6.8363.
- China Aug nationwide survey-based jobless rate at 5.0 pct.
- China Aug 2018 industrial output yy increase to 6.1 % (forecast 6 %) vs previous 6 %.
- China Aug 2018 retail sales yy increase to 9 % (forecast 8.8 %) vs previous 8.8 %.
- China Aug 2018 urban investment (ytd)yy decrease to 5.3 % (fcast 5.5 %) vs previous 5.5 %.
We prefer to take long position on USD/CNY around 6.8440, stop loss at 6.8220 and target of 6.8656/6.8792.
