FxWirePro: Chinese yuan trades marginally lower as manufacturing PMI data misses expectations

• USD/CNY is currently trading around 6.3266 marks.
   
• It made intraday high at 6.3305 and low at 6.3198 levels.
   
• Intraday bias remains slightly bullish for the moment.
   
• A sustained close above 6.3198 marks will test key resistances at 6.3340, 6.3649, 6.3855, 6.4017, 6.4178, 6.4289, 6.4510 and 6.4667 marks respectively.
   
• Alternatively, a daily close below 6.3198 will drag the parity down towards key supports at 6.3125, 6.2765, 6.2584, 6.2196 and 6.1907 marks respectively.
   
• PBOC sets yuan mid-point at 6.3339 / dlr vs last close 6.3250.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• China Jan NBS non - manufacturing PMI increase to 55.3 vs previous 55.
   
• China Jan NBS manufacturing PMI decrease to 51.3 (forecast 51.5 ) vs previous 51.6.

We prefer to take long position on USD/CNY around 6.3210, stop loss 6.3125 and target of 6.3649.

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