- USD/CNY is currently trading around 6.6101 marks.
- It made intraday high at 6.6194 and low at 6.6036 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.6210 mark.
- A sustained close above 6.6210 marks will test key resistances at 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6127 will drag the parity down towards key supports at 6.6055, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6033/ dlr vs last close 6.6195.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China Nov 2017 industrial output y/y decrease to 6.1 % (forecast 6 %) vs previous 6.2 %.
- China Nov 2017 retail sales y/y increase to 10.2 % (forecast 10.2 %) vs previous 10 %.
- China Nov 2017 urban investment (ytd)y/y decrease to 7.2 % (forecast 7.2 %) vs previous 7.3 %.
- China Nov 2017 FDI (ytd) increase to 9.8 % vs previous 1.9 %.
We prefer to take short position on USD/CNY around 6.6130, stop loss 6.6210 and target of 6.5914/6.5839.
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