- USD/CNY is currently trading around 6.9515 marks.
- It made intraday high at 6.9559 and low at 6.9488 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.9545 marks will test key resistances at 6.9620, 6.9768, 6.9850, 6.9929 and 6.9980 marks respectively.
- Alternatively, a daily close below 6.9545 will drag the parity down towards key supports at 6.9320, 6.9210, 6.8894, 6.8670, 6.8420 and 6.8215 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 6.9402 / dlr vs last close 6.9570.
- China Oct 2018 urban investment (ytd)yy increase to 5.7 % (forecast 5.5 %) vs previous 5.4 %.
- China Oct 2018 industrial output yy increase to 5.9 % (forecast 5.7 %) vs previous 5.8 %.
- China Oct 2018 retail sales yy decrease to 8.6 % (forecast 9.1 %) vs previous 9.2 %.
- China Oct 2018 industrial production ytd yy stays flat at 6.4 % vs previous 6.4 %.
- China Oct 2018 retail sales ytd yy decrease to 4.17 % vs previous 4.23 %.
We prefer to take long position on USD/CNY only above 6.9570, stop loss at 6.9320 and target of 6.9768.
