- USD/CNY is currently trading around 6.7061 marks.
- It made intraday high at 6.7111 and low at 6.7042 levels.
- Intraday bias remains bearish for the moment.
- A sustained close above 6.7111 marks will test key resistances at 6.7210, 6.7380, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
- Alternatively, a daily close below 6.7060 will drag the parity down towards key supports at 6.6853, 6.6650, 6.6540 and 6.6234 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China March 2019 retail sales yy increase to 8.7 % (forecast 8.4 %) vs previous 8.2 %.
- China March 2019 industrial output yy increase to 8.5 % (forecast 5.9 %) vs previous 5.3 %.
- China Q1 2019 GDP ytd yy decrease to 6.4 % vs previous 6.6 %.
- PBOC sets yuan mid-point at 6.7110 / dlr vs last close 6.7128.
We prefer to take short position on USD/CNY only below 6.7000, stop loss at 6.7210 and target of 6.6853/6.6650.
