FxWirePro: China’s yuan marginally lower despite higher than expected Caixin services PMI data
USD/CNY is currently trading around 6.8881 marks. It made intraday high at 6.8898 and low at 6.8781 levels. Intraday bias remains bullish till the time pair holds key support at 6.88 mark. A daily close below 6.8801 will…
It made intraday high at 6.8898 and low at 6.8781 levels.
Intraday bias remains bullish till the time pair holds key support at 6.88 mark.
A daily close below 6.8801 will drag the parity down towards key supports at 6.87, 6.8550, 6.8449, 6.8090, 6.7969, 6.7769, 6.7540, 6.7439, 6.7370, 6.7288, 6.7180 and 6.7055.
On the top side, a sustained close above 6.8850 marks will test key resistances at 6.8960, 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
PBOC sets Yuan mid-point at 6.8870/ dollar vs last close 6.89.
China’s November Caixin services PMI increases to 53.1 vs previous 52.4.
We prefer to take long position in USD/CNY around 6.8850, stop loss at 6.8750 and target of 6.9035/6.9197.
