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- USD/CNY is currently trading around 6.6426 marks.
- It made intraday high at 6.6427 and low at 6.6349 levels.
- Intraday bias remains neutral for the moment.
- A sustained close above 6.6405 marks will test key resistances at 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
- Alternatively, a daily close below 6.6405 will drag the parity down towards key supports at 6.6210, 6.6039, 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
- PBOC sets yuan mid-point at 6.6399/ dlr vs last close 6.6398.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- China Oct industrial output y/y decrease to 6.2 % (forecast 6.3 %) vs previous 6.6 %.
- China Oct retail sales y/y decrease to 10 % (forecast 10.4 %) vs previous 10.3 %.
- China Oct urban investment (ytd) y/y decrease to 7.3 % (forecast 7.4 %) vs previous 7.5 %.
We prefer to take long position on USD/CNY only above 6.6510, stop loss at 6.6398 and target of 6.6673.
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