- USD/CNY is currently trading around 6.3254 marks.
- It made intraday high at 6.3326 and low at 6.3229 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 6.3100 mark.
- A sustained close above 6.3225 marks will test key resistances at 6.3495, 6.3625, 6.3855 and 6.4017 marks respectively.
- Alternatively, a daily close below 6.3225 will drag the parity down towards key supports at 6.3100, 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
- PBOC sets yuan mid-point at 6.3239 / dlr.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- China Feb trade balance USD increase to 33.74 bln us (forecast 0.6 bln us) vs previous 20.35 bln us (revised from 20.34 bln us).
- China Feb imports y/y decrease to 6.3 % (forecast 9.7 %) vs previous 36.9 %.
- China Feb exports y/y increase to 44.5 % (forecast 13.6 %) vs previous 11.1 %.
We prefer to take short position on USD/CNY only below 6.3100, stop loss at 6.3495 and target of 6.2942/6.2584.
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