FxWirePro: Chinese yuan trades marginally higher after mixed economic data
USD/CNY is currently trading around 6.6987 marks. It made intraday high at 6.7055 and low at 6.6986 levels. Intraday bias remains bearish till the time pair holds key resistance at 6.7206 mark. A sustained close above 6.…
It made intraday high at 6.7055 and low at 6.6986 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.7206 mark.
A sustained close above 6.7048 marks will test key resistances at 6.7206, 6.7289, 6.7373, 6.7486, 6.7529, 6.7668, 6.7757, 6.7842, 6.8009 and 6.8122 marks respectively.
Alternatively, a daily close below 6.7048 will drag the parity down towards key supports at 6.6826, 6.6778 and 6.6554 marks respectively.
PBOC sets yuan mid-point at 6.7075/ dlr vs last close 6.7080.
PBOC sets yuan mid-point at strongest level since October 10, 2016.
China July CPI y/y decrease to 1.4 % (forecast 1.5 %) vs previous 1.5 %.
China July PPI y/y stays flat at 5.5 % (forecast 5.5 %) vs previous 5.5 %.
China July CPI m/m increase to 0.1 % (forecast 0.2 %) vs previous -0.2 %.
We prefer to take short position in USD/CNY around 6.7020, stop loss at 6.7206 and target of 6.6778.
