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USD/CNY hovers around 61.8% Fibo support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/CNY now trades just above 6.5653 (61.8% of Dec 2008 high-Jan 2014 low); which is around the PBOC’s midpoint reference rate of 6.5596.

    CNY largely unchanged despite weak data

    The CNY remains largely unchanged on the day following a barely altered fixing from the People's Bank of China. The domestic data – Q4 GDP, industrial production and retail sales – showed loss of economic momentum.

    However, largely unchanged daily fix ensured the Yuan remained largely unchanged on the day. As of now the pair is trading at 6.5794.

    USD/CNY Technical Levels

    The immediate resistance is seen at 6.5915 (Jan 14 high), above which the pair could target 6.6042 (Jan 7 high). On the other hand, a break below 6.56 (Jan 12 low) would expose support at 6.50.
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