FxWirePro: Chinese yuan falls as China’s retail sales, industrial production fail to meet expectations
USD/CNY is currently trading around 6.8991 marks. It made intraday high at 6.8996 and low at 6.8946 levels. Intraday bias remains bullish till the time pair holds key support at 6.8907 marks. A sustained close above 6.89…
It made intraday high at 6.8996 and low at 6.8946 levels.
Intraday bias remains bullish till the time pair holds key support at 6.8907 marks.
A sustained close above 6.8971 marks will test key resistances at 6.9080, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8971 will drag the parity down towards key supports at 6.8907, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.8852 / dlr vs last close 6.8993.
China’s April industrial output y/y decrease to 6.5 % (forecast 7.1 %) vs previous 7.6 %.
China’s April urban investment (ytd)y/y decrease to 8.9 % (forecast 9.1 %) vs previous 9.2 %.
China’s April retail sales y/y decrease to 10.7 % (forecast 10.6 %) vs previous 10.9 %.
We prefer to take long position in USD/CNY only above 6.9050, stop loss at 6.8907 and target of 6.9146.
