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FxWirePro: Chinese yuan falls in early Asia on the back of lower than expected CPI, PPI data

  • USD/CNY is currently trading around 6.7789 marks.
     
  • It made intraday high at 6.7807 and low at 6.7716 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 6.7500 marks.
     
  • A sustained close above 6.7710 marks will test key resistances at 6.7887, 6.8072, 6.8210, 6.8525 and 6.8886 marks respectively.
     
  • Alternatively, a daily close below 6.7710 will drag the parity down towards key supports at 6.7580, 6.7510, 6.7422, 6.7180, 6.7050, 6.6722 and 6.6422 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 6.7623 / dlr vs last close 6.7718.
     
  • China Jan 2019 PPI yy decrease to 0.1 % (forecast 0.2 %) vs previous 0.9 %.
     
  • China Jan 2019 CPI yy decrease to 1.7 % (forecast 1.9 %) vs previous 1.9 %.
     
  • China Jan 2019 CPI mm increase to 0.5 % (forecast 0.5 %).

We prefer to take long position on USD/CNY around 6.7740, stop loss at 6.7510 and target of 6.8072.

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