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- USD/CNY is currently trading around 6.9003 marks.
- It made intraday high at 6.9108 and low at 6.8990 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 6.9162 mark.
- A sustained close above 6.9162 marks will test key resistances at 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
- On the other side, a daily close below 6.9036 will drag the parity down towards key supports at 6.8770, 6.8510, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- PBOC sets Yuan mid-point at 6.8934/ dollar vs last close 6.9086.
- China’s November urban investment (ytd) y/y stays flat at 8.3 % (forecast 8.3 %) vs previous 8.3 %.
- China’s November industrial output y/y increase to 6.2 % (forecast 6.1 %) vs previous 6.1 %.
- China’s November retail sales y/y increase to 10.8 % (forecast 10.1 %) vs previous 10.0 %.
We prefer to go short on USD/CNY around 6.9040, stop loss at 6.9162 and target of 6.8580.
