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- USD/CNY is currently trading around 6.8245 marks.
- It made intraday high at 6.8283 and low at 6.8068 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.7769 marks.
- On the top side, a sustained close above 6.8150 marks will test key resistances at 6.8350, 6.8405, 6.8471, 6.8586 and 6.89 marks respectively.
- Alternatively, a daily close below 6.7769 will drag the parity down towards key supports at 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- PBOC sets Yuan mid-point at 6.8291/ dollar vs last close 6.8150.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- China’s October Industrial output y/y stays flat at 6.1 % (forecast 6.2 %) vs previous 6.1 %.
- China’s October urban investment y/y increase to 8.3 % (forecast 8.2 %) vs previous 8.2 %.
- China’s October retail sales y/y decrease to 10 % (forecast 10.7 %) vs previous 10.7 %.
We prefer to take long position in USD/CNY around 6.8185, stop loss at 6.7969 and target of 6.8350.
