FxWirePro: Chinese yuan marginally lower after mixed data from China
USD/CNY is currently trading around 6.8019 marks. It made intraday high at 6.8030 and low at 6.7950 levels. Intraday bias remains neutral for the moment. A sustained close above 6.8000 marks will test key resistances at …
It made intraday high at 6.8030 and low at 6.7950 levels.
Intraday bias remains neutral for the moment.
A sustained close above 6.8000 marks will test key resistances at 6.8116, 6.8298, 6.8354, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.8000 will drag the parity down towards key supports at 6.7878, 6.7769, 6.7626, 6.7520 and 6.7436 marks respectively.
PBOC sets yuan mid-point at 6.7971/ dlr vs last close 6.7995.
China’s May CPI y/y increase to 1.5 % (forecast 1.5 %) vs previous 1.2 %.
China’s May PPI y/y decrease to 5.5 % (forecast 5.7 %) vs previous 6.4 %.
China’s May CPI m/m decrease to -0.1 % (forecast -0.2 %) vs previous 0.1 %.
We prefer to take long position in USD/CNY around 6.7980, stop loss 6.7878 and target of 6.8209.
