MNI China Daily Summary: Monday, July 22

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MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

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(Z3) Gains Considered Corrective

BOBL TECHS
  • RES 4: 116.567 61.8% retracement of the Sep 1 - Sep 28 downleg
  • RES 3: 116.500 High Oct 10 and the short-term bull trigger
  • RES 2: 116.380 High Oct 13
  • RES 1: 116.260 High Oct 27
  • PRICE: 116.230 @ 05:19 BST Oct 30
  • SUP 1: 115.480/130 Low Oct 26 / 19
  • SUP 2: 114.880 Low Sep 28 and the bear trigger
  • SUP 3: 114.710 Low Aug 15 (cont)
  • SUP 4: 114.414 0.764 proj of the Sep 1 - 28 - Oct 12 price swing

Bobl futures continue to trade at their recent highs. The trend outlook remains bearish and short-term gains appear to be a correction. A resumption of weakness would signal scope for a move towards key support and the bear trigger at 114.880, the Sep 28 low. Clearance of this level would resume the downtrend. Key short-term resistance and a bull trigger to watch is at 116.500, the Oct 10 high. A break would signal a short-term reversal.

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