- USD/CNY is currently trading around 6.6311 marks.
- It made intraday high at 6.6365 and low at 6.6236 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.6010 mark.
- A sustained close above 6.6275 marks will test key resistances at 6.6388, 6.6550, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6275 will drag the parity down towards key supports at 6.6064, 6.6010, 6.5884, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6093/ dlr vs last close 6.6271.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- China Sep industrial output y/y increase to 6.6 % (forecast 6.2 %) vs previous 6.0 %.
- China Sep retail sales y/y increase to 10.3 % (forecast 10.2 %) vs previous 10.1 %.
- China Q3 GDP y/y decrease to 6.8 % (forecast 6.8 %) vs previous 6.9 %.
- China Q3 GDP q/q stays flat at 1.7 % (forecast 1.7 %) vs previous 1.7 %.
We prefer to take long position in USD/CNY around 6.6290, stop loss at 6.6210 and target of 6.6550.
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