MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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(M1) Needle Points South

BTP TECHS
  • RES 4: 149.47 High Apr 8
  • RES 3: 148.85 High Apr 15
  • RES 2: 148.65 High Apr 22
  • RES 1: 147.79/87 High May 4 / 20-day EMA
  • PRICE: 147.18 @ Close May 6
  • SUP 1: 146.70 Low May 3 and the bear trigger
  • SUP 2: 146.54 0.764 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 3: 146.16 Low Sep 21, 2020 (cont)
  • SUP 4: 145.56 Low Sep 15, 2020 (cont)

BTP futures outlook is unchanged and remains bearish following the move lower since Mar 25. The contract has recently probed key support at 146.84, Feb 26 low and the bear trigger. A clear breach would confirm a resumption of the downtrend that has been in place since Feb 12. This would open 146.54 next, a Fibonacci projection. On the upside, key short-term resistance has been defined at 148.65, Apr 22 high.

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