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NZDJPY: Sell the Rallies as Bears Guard 92 and Range Trade Persists 
- USD/CNY is currently trading around 6.9064 marks.
- It made intraday high at 6.9072 and low at 6.9049 levels.
- Intraday bias remains neutral till the time pair holds key support at 6.9060 marks.
- A sustained close above 6.9060 marks will test key resistances at 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
- Alternatively, a daily close below 6.9060 will drag the parity down towards key supports at 6.8985, 6.8749, 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
- PBOC sets yuan mid-point at 6.9066 / dlr vs last close 6.9075.
- PBOC sets yuan mid-point at the weakest level since March 21.
- China’s April PPI y/y decrease to 6.4 % (forecast 6.9 %) vs previous 7.6 %.
- China’s April CPI y/y increase to 1.2 % (forecast 1.1 %) vs previous 0.9 %.
- China’s April CPI m/m increase to 0.1 % (forecast 0.0 %) vs previous -0.3 %.
We prefer to take long position in USD/CNY only above 6.9080, stop loss at 6.9037 and target of 6.9150.
