FxWirePro: Chinese yuan depreciates despite higher than expected manufacturing PMI data
USD/CNY is currently trading around 6.8952 marks. It made intraday high at 6.8952 and low at 6.8837 levels. Intraday bias remains slightly bullish till the time pair holds immediate support at 6.8807 marks. On the top si…
It made intraday high at 6.8952 and low at 6.8837 levels.
Intraday bias remains slightly bullish till the time pair holds immediate support at 6.8807 marks.
On the top side, a sustained close above 6.8913 marks will test key resistances at 6.9052, 6.9128, 6.9237, 6.9330, 6.9435, 6.9637 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8807 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.
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 6.8958/ dollar vs last close 6.8848.
China’s November NBS non-manufacturing PMI increases to 54.7 vs previous 54.00.
China’s November NBS manufacturing PMI increases to 51.7 (forecast 51.0) vs previous 51.2.
China’s November CAIXIN manufacturing PMI final decreases to 50.9 (forecast 50.8 ) vs previous 51.2.
We prefer to take long position in USD/CNY around 6.8890, stop loss at 6.8807 and target of 6.9035/6.9128.
