FxWirePro: Chinese yuan rises on the back of higher than expected industrial production, fixed asset investment data
USD/CNY is currently trading around 6.3153 marks. It made intraday high at 6.3220 and low at 6.3141 levels. Intraday bias remains bearish for the moment. A sustained close above 6.3180 marks will test key resistances at …
It made intraday high at 6.3220 and low at 6.3141 levels.
Intraday bias remains bearish for the moment.
A sustained close above 6.3180 marks will test key resistances at 6.3322, 6.3515, 6.3625, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.3180 will drag the parity down towards key supports at 6.3092, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
PBOC sets yuan mid-point at 6.3205 / dlr.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
China Feb urban investment (ytd) y/y increase to 7.9 % (forecast 7 %) vs previous 7.2 %.
China Feb industrial output y/y increase to 7.2 % (forecast 6.1 %) vs previous 6.2 %.
China Feb retail sales y/y increase to 9.7 % (forecast 9.8 %) vs previous 9.4 %.
We prefer to take short position on USD/CNY around 6.3170, stop loss at 6.3322 and target of 6.3092/6.2942.
