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Chinese Yuan ignores positive inflation data, trading above 6.51

  • USD/CNY is currently trading around 6.5146.
     
  • It made intraday high at 6.5156 and low and 6.5127 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • Today China's inflation figure also surprised the market with the CPI rising 2.3% year-on-years in February vs 1.8% previous release.
     
  • A daily close below 6.5040 will take the parity towards key support at 6.4910/ 6.4737 marks.
     
  • Alternatively, reversal will take the parity around 6.55/ 6.5758 levels thereafter.

    Trading call: Go long on USD/CNY around 6.51, stop loss 6.4910 and target 6.5758 levels.

 

  • Market Data
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