FxWirePro: Chinese yuan trades marginally lower as CPI data misses expectations
USD/CNY is currently trading around 6.8022 marks. It made intraday high at 6.8059 and low at 6.7987 levels. Intraday bias remains slightly bullish for the movement. A sustained close above 6.8038 marks will test key resi…
It made intraday high at 6.8059 and low at 6.7987 levels.
Intraday bias remains slightly bullish for the movement.
A sustained close above 6.8038 marks will test key resistances at 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
Alternatively, a daily close below 6.8038 will drag the parity down towards key supports at 6.7957, 6.7757, 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
PBOC sets yuan mid-point at 6.7964/ dlr vs last close 6.8067.
We prefer to take long position in USD/CNY around 6.8000, stop loss at 6.7925 and target of 6.8352.
