China's export figures denominated in CNY showed negative performance by dropping 3,6% down in October 2015 relative to last year’s October, Chinese sources report. At the same time, China’s import denominated in CNY lost as much as 16%. It should be noted that the actual figures came out even worse than expected. The thing is that Chinese analysts had expected 3,1% and 11,7% respectively, Market Leader reports.
Masterforex-V Academy experts say that China’s export has been shrinking for the 4th month in a row. On top of that, the country’s import has been going down for the last 12 months. With that said, China’s external trade surplus reached $61,9 billion in October 2015. Once again, the actual figures are above analyst estimates.
FOREX
Masterforex-V academy reports that USDCNY came close to a major level of resistance - pivot 6,3500 - after breaking above the top of the descending sloping channel, which used to be another major level of resistance. For now, we can conclude if the price succeeds in breaking and consolidating above the mentioned level of resistance, this will give way to another major level, which is located at 6,3843. At the same time, the closest major level of support is located at the local low of 6,3157.
