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Key S/T Resistance Remains Exposed


(H2) Bullish Extension


E-MINI S&P (H2): Support Remains Intact


Corrective Bounce

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Spot USD/CNH has shed 120 pips thus far, weighed on by broader recovery in risk appetite. The rate last sits at CNH6.3856, with bears looking for a slide through Nov 16 low of CNH6.3616 towards May 31 low of CNH6.3525. Conversely, a rebound above Oct 29 high of CNH6.4104 would expose the 50-DMA, which intersects at CNH6.4150.

  • The PBOC set their central USD/CNY mid-point at CNY6.3872, 13 pips above sell-side estimate.
  • Beijing deployed 27 warplanes into Taiwan's air defence identification zone over the weekend. It was the largest group of PLA warplanes sent towards Taiwan in more than seven weeks.
  • China's industrial profits rose 24.6% Y/Y in October, up from the 16.3% recorded in September, according to data released Saturday.
  • Local PMI data take focus this week. Official reports will hit the wires tomorrow, with Caixin M'fing PMI coming up Wednesday & Caixin Services PMI due Friday.