FxWirePro: Chinese yuan appreciates after GDP, industrial production
USD/CNY is currently trading around 6.8702 marks. It made intraday high at 6.8788 and low at 6.8669 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.8835 mark. A sustained close above 6.…
It made intraday high at 6.8788 and low at 6.8669 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.8835 mark.
A sustained close above 6.8923 marks will test key resistances at 6.9050, 6.9268, 6.9540, 6.97, 6.9867, 6.9957, 7.0168, 7.0388, 7.07 and 7.0920 marks respectively.
Alternatively, a daily close below 6.8768 will drag the parity down towards key supports at 6.8658, 6.84 and 6.8222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China’s GDP remains unchanged at 6.0 pct.
China’s retail sales data remains unchanged at 8.0 pct.
China’s unemployment rate stands at 5.2 pct vs 5.1 pct previous release.
China’s industrial production stands at 6.9 pct vs 6.2 pct previous release (expected 5.9).
We prefer to take short position on USD/CNY around 6.8730, stop loss at 6.8920 and target of 6.84.
