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FxWirePro: BTC/CNY downside capped by 50% fibo, good to buy on dips

BTC/CNY is seen trading slight below on Monday and the pair has slightly recovered after making a low of 6610 level (BTCCHINA). BTC/CNY is currently trading around 7151 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7396

Kijun-Sen level: 7298

Major reversal level -6911 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by 50% fibo around 6600 and break below confirms minor bearishness.

Major resistance is around 7300 (55- day EMA) and any break above will take the pair till 7625 (21- day MA)/8000/8275 (88.6% retracement of 8400 and 7310)/ 8400. Short term support is seen at 6640 (50% retracement of 4893 and 8400) and any break below will drag the pair till 6430 (Feb 10th low)/6220/5670 (200- day MA).

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August 18 12:30 UTC Released

CACPI Common

Actual

1.4 %

Forecast

Previous

1.4 %

August 18 12:30 UTC Released

CACPI Trim

Actual

1.3 %

Forecast

Previous

1.2 %

August 18 14:00 UTC 7878m

USCPI BoC Core MM

Actual

Forecast

94.0 %

Previous

93.4 %

August 18 14:00 UTC 7878m

USCPI MM SA

Actual

Forecast

113.3 %

Previous

113.4 %

August 18 14:00 UTC 7878m

USCore CPI MM SA

Actual

Forecast

81.0 %

Previous

80.5 %

August 18 14:00 UTC 7878m

USCPI Median

Actual

Forecast

Previous

2.6 %

August 18 14:00 UTC 7878m

USCPI Trim

Actual

Forecast

Previous

2.6 %

August 18 14:00 UTC 7878m

KRU Mich Conditions Prelim

Actual

Forecast

113.3 %

Previous

113.4 %

August 18 14:00 UTC 7878m

KRU Mich Expectations Prelim

Actual

Forecast

81.0 %

Previous

80.5 %

August 18 14:00 UTC 7878m

GBPSNB Ex Banks GBP

Actual

Forecast

Previous

2.6 bln GBP

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