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

• USD/CNY is currently trading around 6.7844 marks.
   
• It made intraday high at 6.7870 and low at 6.7757 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 6.7600 marks.
   
• A sustained close above 6.7800 marks will test key resistances at 6.7983, 6.8099, 6.8250, 6.8440, 6.8526, 6.8671, 6.8882, 6.8942, 6.9010 marks 6.9080 marks respectively.
   
• Alternatively, a daily close below 6.7790 will drag the parity down towards key supports at 6.7607, 6.7520, 6.7436 and 6.7222 marks respectively.
   
• PBOC sets yuan mid-point at 6.7772/ dlr vs last close 6.7816.
   
• China June Caixin manufacturing PMI final increase to 50.4 (forecast 49.5) vs previous 49.6.

We prefer to take short position in USD/CNY around 6.7850, stop loss at 6.7983 and target of 6.7600.

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