FxWirePro: China's yuan weakens to 6.9000 per dollar despite robust CPI, PPI data
USD/CNY is currently trading around 6.8997 marks. It made intraday high at 6.9024 and low at 6.8770 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8850 marks will test key resistances at …
It made intraday high at 6.9024 and low at 6.8770 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8850 marks will test key resistances at 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
On the other side, a daily close below 6.8770 will drag the parity down towards key supports at 6.8731, 6.8510, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
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 6.8972/ dollar vs last close 6.8825.
China’s November PPI y/y increases to 3.3 % (forecast 2.2 %) vs previous 1.2 %.
China’s November CPI y/y increases to 2.3 % (forecast 2.2 %) vs previous 2.1 %.
China’s November CPI m/m increases to 0.1 % (forecast 0.1 %) vs previous -0.1 %.
We prefer to go long on USD/CNY around 6.89, stop loss at 6.8731 and target of 6.9330.
