- USD/CNY is currently trading around 6.8835 marks.
- It made intraday high at 6.8840 and low at 6.8801 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.8835 marks will test key resistances at 6.8962, 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.8835 will drag the parity down towards key supports at 6.8739, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.8785/dollar vs last close 6.8855.
- China’s March industrial output y/y increase to 7.6 % (forecast 6.3 %) vs previous 6.3 %.
- China’s Q1 GDP y/y increase to 6.9 % (forecast 6.8 %) vs previous 6.8 %.
- China’s March retail sales y/y increase to 10.9 % (forecast 9.6 %) vs previous 9.5 %.
We prefer to take short position in USD/CNY around 6.8850, stop loss at 6.8962 and target of 6.8686.
