FxWirePro: Chinese yuan trades marginally lower after CPI, PPI data
USD/CNY is currently trading around 6.9150 marks. It made intraday high at 6.9168 and low at 6.9088 levels. Intraday bias remains slightly bullish till the time pair holds key support at 6.8979 mark. A sustained close ab…
It made intraday high at 6.9168 and low at 6.9088 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 6.8979 mark.
A sustained close above 6.9113 marks will test key resistances at 6.9297, 6.94, 6.9525 and 6.9648 marks respectively.
Alternatively, a daily close below 6.9113 will drag the parity down towards key supports at 6.9056, 6.8979, 6.8628, 6.8525, 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.
PBOC sets yuan mid-point at 6.8932/ dlr vs last close 6.9112.
China May 2019 CPI yy increase to 2.7 % (forecast 2.7 %) vs previous 2.5 %.
China May 2019 PPI yy decrease to 0.6 % (forecast 0.6 %) vs previous 0.9 %.
We prefer to take short position on USD/CNY only below 6.9056, stop loss 6.9297 and target of 6.8979/6.8628.
