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- USD/CNY is currently trading around 6.7126 marks.
- It made intraday high at 6.7152 and low at 6.7106 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.7260 marks will test key resistances at 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7060 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- PBOC sets yuan mid-point at 6.7088 / dlr vs last close 6.7158.
- China March 2019 PPI yy increase to 0.4 % (forecast 0.4 %) vs previous 0.1 %.
- China March 2019 CPI yy increase to 2.3 % (forecast 2.4 %) vs previous 1.5 %.
- China March 2019 CPI mm decrease to -0.4 % (fcast -0.2 %) vs previous 1 %.
We prefer to take short position on USD/CNY only below 6.7060, stop loss at 6.7250 and target of 6.6853/6.6650.
