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FxWirePro: USD/CNY trades in narrow range after China’s CPI, PPI data

  • USD/CNY is currently trading around 6.3214 marks.
     
  • It made intraday high at 6.3315 and low at 6.3156 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 6.3221 marks will test key resistances at 6.3436, 6.3649, 6.3855 and 6.4017 marks respectively.
     
  • Alternatively, a daily close below 6.3221 will drag the parity down towards key supports at 6.2980, 6.2850, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
     
  • PBOC sets yuan mid-point at 6.3194 / dlr.
     
  •  Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • China Jan CPI y/y decrease to 1.5 % (forecast 1.5 %) vs previous 1.8 %.
     
  • China Jan CPI m/m increase to 0.6 % (forecast 0.7 %) vs previous 0.3 %.
     
  • China Jan PPI y/y decrease to 4.3 % (forecast 4.4 %) vs previous 4.9 %.

We prefer to take long position on USD/CNY only above 6.3400, stop loss at 6.2810 and target of 6.3649/6.3855.

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