FxWirePro: Chinese yuan falls despite higher than expected CAIXIN manufacturing PMI data

• USD/CNY is currently trading around 6.8774 marks.
   
• It made intraday high at 6.8819 and low at 6.8664 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.8610 mark.
   
• A sustained close above 6.8664 marks will test key resistances at 6.8819, 6.8916, 6.9080, 6.9162, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
   
• Alternatively, a daily close below 6.8664 will drag the parity down towards key supports at 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
   
• PBOC sets Yuan mid-point at 6.8798/dollar vs last close 6.8687.
   
• China February CAIXIN manufacturing PMI final increases to 51.7 (forecast 50.8 ) vs previous 51.0.
   
• China’s February CAIXIN PMI shows new export orders grow at fastest since September 2014.                                 

We prefer to take short position in USD/CNY around 6.88, with stop loss at 6.8916 and target of 6.8550.