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Pair is currently supported below 6.51 marks and trading around 6.5045 levels.
- It made intraday high at 6.5150 and low at 6.5049 levels.
- Intraday bias remains bearish for the moment.
- Today China released trade balance data with negative numbers. The trade surplus shrank from 406 billion to 210 billion. Exports tumbled 17.8% year-on-year in February, marking the eighth month in a row that exports have declined. Imports were down 13.8% over the same period, the sixteenth-consecutive decline.
- A daily close below 6.5072 will drag the parity towards key support area at 6.4910/ 6.4736 levels.
- Alternatively, a reversal from 6.4910 will take the parity back above 6.56 levels.
- China will release industrial production as well as retail sales data on coming Saturday. This will provide further direction to the parity.
We prefer to take short position in USD/CNY around 6.5100, stop loss 6.5191 and target 6.4910/ 6.4736 levels.
