FxWirePro: Chinese yuan trades marginally higher on robust industrial production, retail sales data
USD/CNY is currently trading around 6.8743 marks. It made intraday high at 6.8820 and low at 6.8709 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.8924 marks will test key resist…
It made intraday high at 6.8820 and low at 6.8709 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.8924 marks will test key resistances at 6.90, 6.9150, 6.9297, 6.94, 6.9548 and 6.9750 marks respectively.
Alternatively, a daily close below 6.8700 will drag the parity down towards key supports at 6.8492, 6.8331, 6.8210, 6.80 and 6.7813 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
China q/q GDP at 1.6 pct vs 1.4 pct previous release.
China’s June y/y industrial production at 6.3 pct vs 5.0 pct previous release.
China’s June y/y retail sales at 9.8 pct vs 8.6 pct previous release.
We prefer to take short position on USD/CNY around 6.8800, stop loss at 6.8870 and target of 6.8492.
