FxWirePro: Chinese yuan depreciates despite robust CPI, PPI data

• USD/CNY is currently trading around 6.7929 marks.
   
• It made intraday high at 6.7920 and low at 6.7813 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.7817 marks will test key resistances at 6.8072, 6.8224, 6.8530 and 6.87 marks respectively.
   
• Alternatively, a daily close below 6.7817 will drag the parity down towards key supports at 6.7594, 6.7422, 6.7594, 6.7345, 6.7210, 6.7000 and 6.6853 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 6.7665/ dlr vs last close 6.7831.
   
• China April 2019 PPI yy increase to 0.9 % (forecast 0.6 %) vs previous 0.4 %.
   
• China April 2019 CPI yy increase to 2.5 % (forecast 2.5 %) vs previous 2.3 %.
   
• China April 2019 CPI mm increase to 0.1 % (forecast 0.1 %) vs previous -0.4 %.

We prefer to take long position on USD/CNY around 6.7820, stop loss at 6.77 and target of 6.8072/6.8224.