- USD/CNY is currently trading around 6.3463 marks.
- It made intraday high at 6.3475 and low at 6.3359 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.3300 mark.
- A sustained close above 6.3359 marks will test key resistances at 6.3510, 6.3632, 6.3738, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3359 will drag the parity down towards key supports at 6.3210, 6.3000 and 6.2892 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 6.3486 / dlr vs last close 6.3369.
- China April industrial output yy increase to 7 % (forecast 6.3 %) vs previous 6 %.
- China April retail sales yy decrease to 9.4 % (forecast 10 %) vs previous 10.1 %.
- China April urban investment (ytd)yy decrease to 7 % (forecast 7.4 %) vs previous 7.5 %.
We prefer to take long position on USD/CNY around 6.3420, stop loss 6.3300 and target of 6.3738.
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