FxWirePro: Chinese yuan trades almost flat after mixed data from China
USD/CNY is currently trading around 6.9064 marks. It made intraday high at 6.9072 and low at 6.9049 levels. Intraday bias remains neutral till the time pair holds key support at 6.9060 marks. A sustained close above 6.90…
It made intraday high at 6.9072 and low at 6.9049 levels.
Intraday bias remains neutral till the time pair holds key support at 6.9060 marks.
A sustained close above 6.9060 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.9060 will drag the parity down towards key supports at 6.8985, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets yuan mid-point at 6.9066 / dlr vs last close 6.9075.
PBOC sets yuan mid-point at the weakest level since March 21.
China’s April PPI y/y decrease to 6.4 % (forecast 6.9 %) vs previous 7.6 %.
China’s April CPI y/y increase to 1.2 % (forecast 1.1 %) vs previous 0.9 %.
China’s April CPI m/m increase to 0.1 % (forecast 0.0 %) vs previous -0.3 %.
We prefer to take long position in USD/CNY only above 6.9080, stop loss at 6.9037 and target of 6.9150.
