FxWirePro: Chinese yuan appreciates on robust manufacturing PMI data
USD/CNY is currently trading around 6.6047 marks. It made intraday high at 6.6143 and low at 6.6035 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 6.6090 marks will test key resist…
It made intraday high at 6.6143 and low at 6.6035 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 6.6090 marks will test key resistances at 6.6121, 6.6210, 6.6326, 6.6405, 6.6464, 6.6510, 6.6615, 6.6673, 6.6735 and 6.6964 marks respectively.
Alternatively, a daily close below 6.6090 will drag the parity down towards key supports at 6.5839, 6.5710, 6.5635, 6.5456 and 6.5371 marks respectively.
PBOC sets yuan mid-point at 6.6034/ dlr vs last close 6.6200.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart
China Nov 2017 NBS non - manufacturing PMI increase to 54.8 index vs previous 54.3 index.
China Nov 2017 NBS manufacturing PMI increase to 51.8 (forecast 51.4) vs previous 51.6.
We prefer to take short position on USD/CNY around 6.6060, stop loss 6.6210 and target of 6.5839.
