FxWirePro: Chinese yuan falls as manufacturing – non manufacturing PMI data miss expectations

• USD/CNY is currently trading around 6.8257 marks.
   
• It made intraday high at 6.8306 and low at 6.8101 levels.
   
• Intraday bias remains bullish for the moment.
   
• A sustained close above 6.81 marks will test key resistances at 6.8388, 6.8548 and 6.8705 marks respectively.
   
• Alternatively, a daily close below 6.81 will drag the parity down towards key supports at 6.7864, 6.7658, 6.7373, 6.7160, 6.7005, 6.6715, 6.6518 and 6.6340 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 6.8165 / dlr vs last close 6.8188.
   
• China July 2018 NBS manufacturing PMI decrease to 51.2 (previous 51.5).
   
• China July 2018 NBS non - manufacturing PMI decrease to 54 (previous 55).

We prefer to take long position on USD/CNY  around 6.8220, stop loss 6.8100 and target of 6.8548.