- USD/CNY is currently trading around 7.0248 marks.
- It made intraday high at 7.0394 and low at 7.0178 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 7.0612 marks will test key resistances at 7.0694, 7.12, 7.3645 and 7.58 marks respectively.
- Alternatively, a daily close below 7.0240 will drag the parity down towards key supports at 6.9861, 6.9525, 6.9362, 6.8649 and 6.8492 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- China industrial porduction y/y at 4.8 pct vs 6.3 pct previous release.
- China retail sales y/y at 7.6 pct vs 9.8 pct previous release.
- China unemployment rate at 5.3 pct vs 5.1 pct previous release.
We prefer to take short position on USD/CNY around 7.0270, stop loss at 7.04 and target of 7.0149/6.9861.
