FxWirePro: Chinese yuan falls as Caixin manufacturing PMI data misses expectations

• USD/CNY is currently trading around 6.6326 marks.
   
• It made intraday high at 6.6348 and low at 6.6170 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.5991 marks.
   
• A sustained close above 6.6170 marks will test key resistances at 6.6418, 6.6510, 6.6724 and 6.6801 marks respectively.
   
• Alternatively, a daily close below 6.6170 will drag the parity down towards key supports at 6.5991, 6.5758, 6.5500, 6.5340 and 6.5008 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 6.6157 / dlr vs last close 6.6225.
   
• China sets yuan mid-point firmer on Monday, snapping eight straight days of losses.
   
• China Caixin/Markit June manufacturing PMI at 51.0 compared to 51.1 in May (vs poll 51.1).

We prefer to take long position on USD/CNY around 6.6250, stop loss 6.5991 and target of 6.6418.