- 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 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.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
