FxWirePro: Chinese Yuan falls As China's CPI Remains Stable in April
- USD/CNY is currently trading around 6.5198 marks.
- It made intraday high at 6.5224 and low at 6.5140 levels.
- The CPI rose 2.3% year-on-year in April, in line with market forecasts and unchanged for the third consecutive month.
- On the other side, China released PPI data with positive numbers at -3.4% m/m vs -4.3% previous release.
- Intraday bias remains bullish till the time pair holds key support at 6.4910 levels.
- A daily close below 6.4910 will drag the parity down towards key supports at 6.4721, 6.4531 levels.
- On the other side, a sustained close above 6.52 will test key resistances at 6.5358, 6.5525 and 6.5708 levels respectively.
We prefer to take long position in USD/CNY around 6.51, stop loss 6.4910 and target 6.5358 levels.