Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Chinese yuan trades almost flat despite robust trade balance data

  • USD/CNY is currently trading around 6.9772 marks.
     
  • It made intraday high at 6.9839 and low at 6.9679 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 6.9967 mark.
     
  • A sustained close above 6.9765 marks will test key resistances at 6.9967, 7.0303, 7.0540 and 7.0920 marks respectively.
     
  • Alternatively, a daily close below 6.9765 will drag the parity down towards key supports at 6.9525, 6.9297 and 6.88 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • China’s trade balance stands at 301B vs 275B previous release (expected 287B).
     
  • China’s trade balance USD stands at 42.8B vs 39.7B previous release (expected 40.6B).

We prefer to take short position on USD/CNY around 6.98, stop loss at 6.9950 and target of 6.9525/6.9297.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.