FxWirePro: Chinese yuan remains almost unchanged after CPI, PPI data

• USD/CNY is currently trading around 7.1145 marks.
   
• It made intraday high at 7.1209 and low at 7.1113 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 7.1100 mark.
   
• A sustained close above 7.1210 marks will test key resistances at 7.1548, 7.1877, 7.2095, 7.3645 and 7.58 marks respectively.
   
• Alternatively, a daily close below 7.1100 will drag the parity down towards key supports at 7.0927, 7.0707 and 7.0497 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• China CPI y/y stands at 2.8 pct vs -0.8 pct previous relaese.
   
• China PPI y/y stands at -0.8 pct vs -0.3 pct previous release.

We prefer to take short position on USD/CNY only below 7.1100, stop loss at 7.1350 and target 7.0927/7.0707.