- USD/CNY is currently trading around 6.3332 marks.
- It made intraday high at 6.3340 and low at 6.3301 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.3565 marks will test key resistances at 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3110 will drag the parity down towards key supports at 6.3005, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3396 / dlr.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Fitch affirms China at 'A+'; outlook stable.
- Fitch - China's ratings are supported by the strength of its external finances and track record of delivering stable growth and low inflation.
- Fitch - Implication for economic policy from president xi jinping's consolidation of power remains uncertain.
- Fitch on China - Forecasts real GDP growth will slow to 6.5% in 2018 and 6.1% in 2019.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
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