- 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 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.
