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FxWirePro: Chinese yaun strengthens noticeably against U.S. dollar, hits fresh 7-month high at 6.6894

  • USD/CNY is currently trading around 6.7050 marks.
     
  • It made intraday high at 6.7259 and low at 6.6894 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 6.7510 marks.
     
  • A sustained close above 6.7180 marks will test key resistances at 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
     
  • Alternatively, a daily close below 6.7180 will drag the parity down towards key supports at 6.6722, 6.6650, 6.6540 and 6.62 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • PBOC sets yuan mid-point at 6.7220 / dlr vs last close 6.7171.
     
  • China Central bank sets yuan mid-point at strongest level since Feb1.
     
  • U.S., China drafting six memorandums of understanding on key structural issues in trade dispute.
     
  • Draft memos cover intellectual property, services, tech transfer, agriculture, currency, non-tariff barrier.
     
  • U.S., China negotiators also looking at 10 - item list of shorter-term measures to address trade imbalance.

We prefer to take short position on USD/CNY around 6.7200, stop loss at 6.7510 and target of 6.6650.

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March 26 04:00 UTC Released

THManufacturing Prod YY

Actual

-1.6 %

Forecast

0.52 %

Previous

0.18 %

March 25 21:45 UTC Released

NZTrade Balance YY

Actual

-6.62 Bln NZ

Forecast

Previous

-6.36 Bln NZ

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615472615472m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 615472615472m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 603652603652m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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