FxWirePro: Chinese yuan falls as manufacturing PMI data misses expectations
USD/CNY is currently trading around 6.3305 marks. It made intraday high at 6.3338 and low at 6.3168 levels. Intraday bias remains bullish till the time pair holds key support at 6.3168 mark. A sustained close above 6.316…
It made intraday high at 6.3338 and low at 6.3168 levels.
Intraday bias remains bullish till the time pair holds key support at 6.3168 mark.
A sustained close above 6.3168 marks will test key resistances at 6.3372, 6.3501, 6.3625, 6.3855 and 6.4017 marks respectively.
Alternatively, a daily close below 6.3114 will drag the parity down towards key supports at 6.2942, 6.2827, 6.2584, 6.2322, 6.2196 and 6.1907 marks respectively.
PBOC sets yuan mid-point at 6.3294 / dlr.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
China Feb NBS non - manufacturing PMI decrease to 54.4 vs previous 55.3.
China Feb NBS manufacturing PMI decrease to 50.3 (forecast 51.2 ) vs previous 51.3.
We prefer to take long position on USD/CNY around 6.3280, stop loss at 6.3168 and target of 6.3625.
