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- USD/CNY is currently trading around 6.9203 marks.
- It made intraday high at 6.9204 and low at 6.9045 levels.
- Intraday bias remains bullish till the time pair holds key support at 6.9039 mark.
- A sustained close above 6.9114 marks will test key resistances at 6.9198, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.9114 will drag the parity down towards key supports at 6.8964, 6.8621, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets Yuan mid-point at 6.9118/dollar vs last close 6.9165.
- China’s January industrial output y/y increase to 6.3 % (forecast 6.2 %) vs previous 6.0 %.
- China’s January urban investment (ytd)y/y increase to 8.9 % (forecast 8.2 %) vs previous 8.1 %.
- China’s January retail sales y/y decrease to 9.5 % (forecast 10.5 %) vs previous 10.9 %.
We prefer to take long position in USD/CNY around 6.9150, stop loss at 6.9039 and target of 6.9336.
