FxWirePro: Chinese yuan trades marginally higher after manufacturing – non manufacturing PMI data

• USD/CNY is currently trading around 6.6801 marks.
   
• It made intraday high at 6.6871 and low at 6.6780 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 6.7000 marks.
   
• A sustained close above 6.6770 marks will test key resistances at 6.70, 6.7150, 6.73, 6.7422, 6.7510, 6.7778 and 6.8072 marks respectively.
   
• Alternatively, a daily close below 6.6770 will drag the parity down towards key supports at 6.6722, 6.6650, 6.6540 and 6.62 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• PBOC sets yuan mid-point at 6.6901 / dlr vs last close 6.6855.
   
• China Feb 2019 NBS Non - manufacturing PMI decrease to 54.3 vs previous 54.7.
   
• China Feb 2019 NBS manufacturing PMI decrease to 49.2 (forecast 49.5) vs previous 49.5.
   
• China Feb 2019 composite PMI decrease to 52.4 vs previous 53.2.

We prefer to take short position on USD/CNY only below 6.6727, stop loss at 6.70 and target of 6.6650/6.6413.