FxWirePro: Chinese yuan falls after mixed data from China
USD/CNY is currently trading around 6.9203 marks. It made intraday high at 6.9204 and low at 6.9045 levels. Intraday bias remains bullish till the time pair holds key support at 6.9039 mark. A sustained close above 6.911…
It made intraday high at 6.9204 and low at 6.9045 levels.
Intraday bias remains bullish till the time pair holds key support at 6.9039 mark.
A sustained close above 6.9114 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9114 will drag the parity down towards key supports at 6.8964, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.9118/dollar vs last close 6.9165.
China’s January industrial output y/y increase to 6.3 % (forecast 6.2 %) vs previous 6.0 %.
China’s January urban investment (ytd)y/y increase to 8.9 % (forecast 8.2 %) vs previous 8.1 %.
China’s January retail sales y/y decrease to 9.5 % (forecast 10.5 %) vs previous 10.9 %.
We prefer to take long position in USD/CNY around 6.9150, stop loss at 6.9039 and target of 6.9336.
