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Bullish Price Sequence


Corrective Pullback

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USD/CNH has held a tight range amid limited domestic headline flow, it last sits +10 pips at CNH6.4633. Bulls see the CNH6.4874-80 area, which capped gains earlier this week, as their initial target. Above there would shift focus to Aug 20 high of CNH6.5102. On the downside, bears look for a fall through the 100-DMA/Sep 23 low at CNH6.4529/25, which would give them a green light for targeting the CNH6.4261-44 zone.

  • The PBOC set their central USD/CNY mid-point at CNH6.4599, matching the sell-side estimate.
  • Two Evergrande dollar bondholders said that they had not received coupon payment due yesterday. The bond has a 30-day grace period before a missed payment becomes a default.
  • Pres Xi Jinping will make an address to the ZGC Forum in Beijing this evening.
  • China's industrial profits (Tuesday) as well as official PMIs, Caixin M'fing PMI & BoP current account balance (Thursday) will hit the wires next week.